Eddie Lampert was never a retailer. From day one at Sears it was said he bought Sears for its porperties and its leasehold as anchor stores in key malls across the country. Those leaseholds were worth more than gold. How right they were?
At one affluent Main Line Penna Kmart Store, he brought in Sears Appliances that you fell over entering the store. He gutted five division managers so there was no inventory control.
There was no security and stuff started walking out of the store.
I always figured with him at the helm that Sears was worth about $32 when it was $l80. It's almost there. The leaseholds I had not idea about their value which is virtually nothing today.
What a man. What a deal.
At one store the enitre men's department was filled with cargo shorts at the beginning of July. So what's it all about?