Q: Sears has been talking about a turnaround for years now, and saying it hasn't
done enough to adapt to changes in retailing since the 1990s.If it didn't happen
then, before e-commerce, before so many mall-based retailers were
struggling, how are you going to make it happen now?
A: Preparing the company for this day and age is something we've
been working on for the last dozen years.
( Its taken 12 years and they still don't have the answer !!!! )
Q: There's a .... point at which time isn't on your side any more, ......
it's hard to see evidence it's working. What are we missing?
A: Every time people use the word bankruptcy, somebody who reads
that doesn't get past that word. It makes it very unfair for us, and it's
a very uneven playing field for us.
( It makes it very unfair for us ----- Oh boo-hoo !! Wal-Mart has cheap crying towels at the ready )
A: .... people only talk about closing stores. It is true that on the left,
we're closing stores. We're not making money. On the right is where we're going.
( Sound like the right hand ain't talking to the left hand in corporate )
Q: Why not file for bankruptcy protection?
A: There are a lot of human costs to doing it. I don't know the details of each
of the pension plans, but typically plans have some form of reservation or
( As a finance guy he doesn't know the details ---- Incredulous statement !!!! )
( Like he really cares about the human cost )
( Blame the pension plans for losing 8 BILLION dollars in 8 years -- yeah sure they did )
Q: We've also not seen growth on the top line. At the annual meeting last year,
you said the Shop Your Way membership rewards program had fallen short
on execution. Are you seeing signs that's changing?
A: ...... I could argue that this transition phase is taking a lot longer than it should
( What's to argue, when customers don't wanna shop your stores everything is tough )
Q: Are you having trouble getting the products you need, getting companies
to do business at terms you can deal with?
A: ... my view is, we're the customer. If you're a vendor, and want to do
business with us, then you have to treat us like a customer,
( Yep. blame it on the vendors - its all their fault --- they have a common business
failing THEY WANT THEIR MONEY when delivering goods -- what a concept )
Q: Does Sears still have time?
A: We have as much time as our vendors and our lenders and our shareholders
are willing to give us.
( I think the date is July 10th, 2017 )