Tuesday, January 3, 2012

Angelo Out, Sears In, But Just Barely

According to ChicagoBusiness, Jerry Angelo is out as general manager of the Bears and Sears hired former Brookstone CEO Ron Boire to be in charge of merchandizing for Sears and Kmart. This wasn’t the best of years for the Bears or Sears. Sears just recently received $150,000,000 in tax breaks from the state to stay in Illinois, but has seen their profits fall and stock drop 20%. In yesterday’s New York Times, there is a rather lengthy article titled “Insight: Memo to Eddie Lampert-Dump Kmart.” Many business analysts think Kmart is damaging the Sears brand which many still believe can be rescued.

Once one of the most successful retailers in the world with a history that dates back to 1886, Sears Holdings is now the tenth largest U.S. retailer. To emphasize why Sears should dump Kmart, Roger Goddu, the former CEO of the Montgomery Ward chain said, “In a world that has Wal-Mart and Target, there is really no need for a Kmart.” That’s pretty tough.

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