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| Re: Kmart with Astor Place entrance closing (1580379) | |||
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Re: Kmart with Astor Place entrance closing |
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Posted by MainR3664 on Mon Jul 12 08:53:29 2021, in response to Re: Kmart with Astor Place entrance closing, posted by Elkeeper on Sat Jul 10 19:54:14 2021. Philosophically worse, IMO.From what I've read, the Sears-KMart merger was intended to fail- Edward Lampert, who took over, intended to not bother with any store renovations or service improvements, but rather, to cash in on the real estate value of the properties, and milk what could be milked from the stores until they died. ort of like buy a grove of maple tress, extracting as much syrup as possible from the trees, while showing them no care, and then selling the land when the trees die. I also think there was quite a bit of self-dealing here- Lampert not only owned the company, but other entities he controlled were the largest creditors. So either way, he made money! |
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