Sears Repair Customer Service Complaints
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Corporate Governance and Managerial Incompetence: Lessons from Kmart
Brigham Young University Law School BYU Law Digital Commons Faculty Scholarship 4-30-1996 Corporate Governance and Managerial Incompetence: Lessons from Kmart D. Gordon Smith Follow this and additional works at: https://digitalcommons.law.byu.edu/faculty_scholarship Part of the Business Law, Public Responsibility, and Ethics Commons, and the Business Organizations Law Commons Recommended Citation D. Gordon Smith, Corporate Governance and Managerial Incompetence: Lessons from Kmart, 74 N.C. L. REV., 1037 (1996). This Article is brought to you for free and open access by BYU Law Digital Commons. It has been accepted for inclusion in Faculty Scholarship by an authorized administrator of BYU Law Digital Commons. For more information, please contact [email protected]. CORPORATE GOVERNANCE AND MANAGERIAL INCOMPETENCE: LESSONS FROM KMART D. GORDON SMIm Modern corporategovernance scholars often extol an activist role by institutional investors in directing corporate activity. Widely viewed as a solution to the "collective action" problems that inhibit such activism by individual investors, institutional investors are praised for adding value to corporationsthrough their participationin the decisionmaking process. The ouster of Joseph Antonini as Chief Executive Officer of Kmart Corporation in 1995 might be taken as a vindication of this view, because substantialevidence indicates that institutionalinvestors played a crucial role in influencing Kmart's board of directors to remove him. In this Article, Professor Gordon Smith challenges this potential reading of the events at Kmart. Professor Smith poses the fundamental question of whether institutionalinvestor activism designed to address perceived incompetence among corporate managers consistently adds value to corporations in which such activism is present. ProfessorSmith analyzes the effect of internal and external forces on managers, particularly on Antonini. -
Apple Blossom Times
Town of Newfane Historical Society’s Apple Blossom Times Since 1975 Spring 2019 Inside This Issue Spring is in the Air which we hope you enjoy! President’s Letter From the desk of our President One last thing: if you appreciate our newsletters, Minute History It was a wonderful autumn for the society, as I encourage you to renew we created great new memories from our fall your annual membership. The catalog that changed fundraisers. We had good turnouts for the They also make great gifts the world Apple Harvest Festival, Candlelight Tours at for others! Please check your the Van Horn Mansion, and our Annual Carol newsletter address label for Members Update Sing. Thanks to all our society members and current member status. Save the Date volunteers who made these events successful; Members up for renewal have asterisks * at the your hard work was very appreciated! end of their name. Use the enclosed form, or Historical Fun Fact Unfortunately I do not have everyone’s order online at newfanehistoricalsociety.com. names who helped, and thus don’t want to Membership is a vital way to support our society, Van Horn Mansion Tours single certain people out while appearing to especially during these quieter months. neglect others. Please know your efforts made a Calendar big difference in keeping our historical society Enjoy the coming spring, and we look forward to alive and well! writing again in May. Minute History As our locations are closed for the winter, this edition of our newsletter has additional space Vicki Banks For a short time Olcott was a to allow for a more extensive historical article, President known port on water routes at a time when boating was among the fastest ways to travel. -
FORWARD THINKING New Insights Into How Sears Gains Strength by Better Understanding Customers
SEARS CANADA INC. SEARS CANADA INC. SEARS CANADA INC. 1997 Annual Report FORWARD THINKING New insights into how Sears gains strength by better understanding customers TRANSFORMING SEARS INSIDE OUT An inside look at Sears $300 million nationwide revitalization program CLOSER TO HOME Sears Whole Home Furniture Stores and dealer stores key to Sears innovative off-mall growth strategy 2 CHAIRMAN’S MESSAGE Paul Walters reflects on 21 FINANCIAL INFORMATION 1997 the gratifying results of 1997, and shares his perspective on Sears strategy for growth 22 Eleven Year Summary 6 FORWARD THINKING Sears reinvents the way it 23 Management’s Discussion and Analysis does business to become more relevant to customers 33 Quarterly Results and Common Share Market 8 BRAND NEW LIFE Creating a brand image for Information and Dividend Highlights Sears helps grow lifetime customer relationships 34 Statement of Management Responsibility 10 TRANSFORMING SEARS INSIDE OUT and Auditors’ Report Revitalization of 9 GTA stores first stage of $300 35 Consolidated Statements of Financial Position million capital investment program to totally transform Sears by the beginning of the new 36 Consolidated Statements of Earnings millennium 36 Consolidated Statements of Retained Earnings 14 THE MANY SIDES OF SEARS Customers see how Sears meets their many needs in new 37 Consolidated Statements of advertising campaign Changes in Financial Position 16 BEST SELLER Sears reveals why catalogue 38 Notes to Consolidated Financial Statements shopping has an exciting future CORPORATE INFORMATION 18 CLOSER TO HOME Off-mall strategy brings 46 Corporate Governance customers closer to Sears 47 Directors and Officers 20 COMMUNITY RELATIONSHIPS Communities benefit from Sears caring side 48 Corporate Information Sears is Canada’s largest single retailer of general merchandise, with department and specialty stores as well as catalogue locations across Canada. -
The Check Is in the Mail (And So Is the House): an Analysis of the Short-Lived Catalog Home Phenomenon
University at Albany, State University of New York Scholars Archive Geography and Planning Honors College 1-2017 The Check is in the Mail (And so is the House): An Analysis of the Short-Lived Catalog Home Phenomenon Madison Caswell Squires University at Albany, State University of New York Follow this and additional works at: https://scholarsarchive.library.albany.edu/honorscollege_gp Part of the Geography Commons Recommended Citation Squires, Madison Caswell, "The Check is in the Mail (And so is the House): An Analysis of the Short-Lived Catalog Home Phenomenon" (2017). Geography and Planning. 2. https://scholarsarchive.library.albany.edu/honorscollege_gp/2 This Honors Thesis is brought to you for free and open access by the Honors College at Scholars Archive. It has been accepted for inclusion in Geography and Planning by an authorized administrator of Scholars Archive. For more information, please contact [email protected]. The Check is in the Mail (And so is the House): An Analysis of the Short-Lived Catalog Home Phenomenon An honors thesis presented to the Department of Geography and Planning, University at Albany, State University of New York In partial fulfillment of the requirements For graduation with Honors in Geography and Urban Planning And Graduation from The Honors College. Madison Caswell Squires Research Advisor: John Pipkin, Ph.D. January, 2017 Abstract This thesis seeks to examine the concept of mail-order, “kit” housing, as pioneered at the beginning of the 20th century. Of primary focus will be the (then) new technologies and innovations having made this industry possible, as well as the marketing methods used in the concept’s advertisement. -
A Postmortem for Sears - Transcript
A Postmortem for Sears - Transcript Tom Mullooly: In episode 123, we're going to do a postmortem on Sears Roebuck. Stick around. Welcome to the Mullooly Asset show. I'm your host, Tom Mullooly, and this is episode number 123. One, two, three red light. So today, the day that we're recording this, it looks like Sears Roebuck is going to ask the bankruptcy court to enter liquidation, and that's the end of Sears as we know it. So I thought it would be a good time to just kind of take a walk down memory lane. There's a lot of people in the media today who are comparing Amazon to Sears saying, "Hey, Sears was the Amazon of its day." And I just want to share a couple of things that I've learned over the years about Sears. It was started in 1886 as a mail order company. Richard Sears actually sold watches through a catalog that he put together. A year later, in 1887, he hires a guy named Alvah Roebuck to repair watches. So I guess they had problems with some of the watches that they were selling through their catalog. They then added jewelry, and the mail order business really took off. What helped them, a little bit of history for you, is that in the late 1880s, the US government started a program called rural free delivery, or RFD. Some of you are around my age may remember a TV show after Andy Griffith left. It was called Mayberry RFD, and everybody always wanted to know what RFD stood for. -
COMPLAINT Savings Plan, and All Other Similarly Situated Plan Participants and Beneficiaries, JURY TRIAL DEMANDED
Case: 1:17-cv-05825 Document #: 1 Filed: 08/10/17 Page 1 of 102 PageID #:1 UNITED STATES DISTRICT COURT NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION LAVARITA D. MERIWETHER, individually, and in her representative CASE NO. 1:17-cv-5825 capacity on behalf of the Sears Holdings Savings Plan, the Sears Holdings Puerto Rico CLASS ACTION COMPLAINT Savings Plan, and all other similarly situated Plan participants and beneficiaries, JURY TRIAL DEMANDED Plaintiff, v. SEARS HOLDINGS CORPORATION, EDWARD S. LAMPERT, SEARS HOLDINGS CORPORATION ADMINISTRATIVE COMMITTEE, MICHAEL O’MALLEY, SEARS HOLDINGS CORPORATION INVESTMENT COMMITTEE, CAROL HINES WACASER, and JOHN DOES 1 -10, Defendants. Case: 1:17-cv-05825 Document #: 1 Filed: 08/10/17 Page 2 of 102 PageID #:2 Table of Contents I. INTRODUCTION ............................................................................................................ 1 II. NATURE OF THE ACTION ........................................................................................... 1 III. JURISDICTION AND VENUE ....................................................................................... 6 IV. PARTIES .......................................................................................................................... 6 A. Plaintiff ................................................................................................................. 6 B. Defendants And Their Fiduciary Status ................................................................ 6 1. Company Defendant ................................................................................ -
Chapter 11 for an American Icon: What Sears Shows Us About Failed Leadership
DECEMBER 6, 2018 Chapter 11 for an American Icon: What Sears Shows Us About Failed Leadership On October 15 — a few months after the 125th birthday of what was once the world’s largest retailer — Sears Holdings sought Chapter 11 protection from a $134 million debt payment and announced it would close 142 stores. Thirty years ago, Sears was a retail and mail order giant. For many of its 125 years, the company dominated the retail industry, bringing quality products at affordable prices to much of America. Customer loyalty to Sears was legendary. Workshops were filled with Craftsman tools, homes were equipped with Kenmore appliances and decorated with Sears furnishings, while Sears clothing filled closets and cars ran on DieHard batteries. The Christmas shopping season wasn't complete without the Sears "Wish Book." Sears was dependable, with reliable products you could trust and a warranty that placed customer service above everything else. So, what happened? In a recent article for Total Retail, global leadership and customer service expert Shaun Belding observed that, “There is, of course, never just one thing that leads to the downfall of a company. It’s almost always a progressive and insidious erosion created by poor leadership and short-sighted decisions.” In the case of Sears, the company lost sight of what made it successful. Sears, after all, had been an innovator for much of its history. To put the Sears loss in context, here are some milestones: “Founded shortly after the Civil War, the original Sears, Roebuck & Company built a catalog business that sold Americans the latest dresses, toys, build-it-yourself houses and even tombstones. -
Sears: Death by Debt
Sears: Death by Debt Minutemen Equity Fund Hannah Kim, Joshua Owczarski, Sam Jezard Isenberg School of Management University of Massachusetts, Amherst Submitted February 20, 2015 Table of Contents Company Overview .............................................................................................................................................. 3 Competition ............................................................................................................................................................. 3 Debt ............................................................................................................................................................................ 4 Financials ................................................................................................................................................................. 6 REIT Conversion ................................................................................................................................................. 10 Sears’ Turnaround potential? ........................................................................................................................ 11 Conclusion............................................................................................................................................................. 13 References ............................................................................................................................................................ 13 2 Company Overview -
Location of Legal Description
Form No. 10-300 (Rev. 10-74) UNITtD STATES DEPARTMENT OF THt INTERIOR NATIONAL PARK SERVICE NATIONAL REGISTER OF HISTORIC PLACES INVENTORY -- NOMINATION FORM SEE INSTRUCTIONS IN HOWTO COMPLETE NATIONAL REGISTER FORMS TYPE ALL ENTRIES -- COMPLETE APPLICABLE SECTIONS I NAME HISTORIC Sears, Roebuck and Company Complex AND/OR COMMON Sears, Roebuck and Company Complex LOCATION STREET & NUMBER 923 South Homan Avenue _NOT FOR PUBLICATION CITY. TOWN CONGRESSIONAL DISTRICT VICINITY OF STATE CODE COUNTY CODE Illinois 17 Cook 031 CLASSIFICATION CATEGORY OWNERSHIP STATUS PRESENTUSE —DISTRICT _ PUBLIC X-OCCUPIED _ AGRICULTURE _ MUSEUM X-BUILDING(S) X-PRIVATE _ UNOCCUPIED X-COMMERCIAL —PARK —STRUCTURE —BOTH —WORK IN PROGRESS _ EDUCATIONAL —PRIVATE RESIDENCE —SITE PUBLIC ACQUISITION ACCESSIBLE —ENTERTAINMENT —RELIGIOUS —OBJECT _IN PROCESS —YES: RESTRICTED —GOVERNMENT —SCIENTIFIC —BEING CONSIDERED _YES: UNRESTRICTED —INDUSTRIAL —TRANSPORTATION —NO _ MILITARY —OTHER. (OWNER OF PROPERTY (contact: Mr. William P. McCurdy, NAME Vice President for Public ____Sears, Roebuck and Company________Relations .___________ STREET&NUMBER " Mr. Rembrandt C. Miller, Jr., ____Sears Tower_____________________Mid-West Director Pub. Re 1 s) CITY. TOWN STATE VICINITYOF Illinois LOCATION OF LEGAL DESCRIPTION COURTHOUSE, REGISTRY OF DEEDS.ETC. Recorder Qf , City Hall and County Building STREET & NUMBER 118 North Clark Street CITY. TOWN STATE Chicago Illinois El REPRESENTATION IN EXISTING SURVEYS TITLE Illinois Land and Historic Site Survey DATE .1215. — FEDERAL X-STATE —COUNTY _LOCAL DEPOSITORY FOR SURVEYRECQRDS iiiinois Land and Historic Site Survey CITY. TOWN STATE Springfield Illinois DESCRIPTION CONDITION CHECK ONE CHECK ONE —EXCELLENT —DETERIORATED —UNALTERED X_ORIGINAL SITE X-GOOD —RUINS X__ALTERED _MOVED DATE_______ _FAIR _UNEXPOSED ———————————DESCRIBE THE PRESENT AND ORIGINAL (IF KNOWN) PHYSICAL APPEARANCE Since its construction in 1905-6, the Sears, Roebuck and Company Complex, situated on Chicago's west side, has been symbolic of that company's dominance of the mail order industry. -
Sear's Bankruptcy: from Roebuck to No Bucks
University of Tennessee, Knoxville TRACE: Tennessee Research and Creative Exchange Chapter 11 Bankruptcy Case Studies College of Law Student Work 2019 Sear's Bankruptcy: From Roebuck to No Bucks Drew Hove Taylor Smith Bei Yang Follow this and additional works at: https://trace.tennessee.edu/utk_studlawbankruptcy Recommended Citation Hove, Drew; Smith, Taylor; and Yang, Bei, "Sear's Bankruptcy: From Roebuck to No Bucks" (2019). Chapter 11 Bankruptcy Case Studies. https://trace.tennessee.edu/utk_studlawbankruptcy/57 This Article is brought to you for free and open access by the College of Law Student Work at TRACE: Tennessee Research and Creative Exchange. It has been accepted for inclusion in Chapter 11 Bankruptcy Case Studies by an authorized administrator of TRACE: Tennessee Research and Creative Exchange. For more information, please contact [email protected]. SEARS’S BANKRUPTCY: FROM ROEBUCK TO NO BUCKS Photo: Mike Segar – Reuters BY: DREW HOVE, TAYLOR SMITH & BEI YANG THE UNIVERSITY OF TENNESSEE COLLEGE OF LAW TABLE OF CONTENTS TABLE OF CONTENTS .................................................................................................................................................... 2 CAST OF PLAYERS ....................................................................................................................................................... 5 I. INTRODUCTION .................................................................................................................................................... 7 II. BACKGROUND................................................................................................................................................... -
Fairholme Sears Case Study III August 2012
CASE STUDY III FAIRHOLME Ignore the crowd. Fairholme Ignore the crowd. This presentation uses Sears Holdings Corporation (“Sears” or the “Company”) as a case study to illustrate Fairholme Capital Management’s investment strategy for the Fairholme Fund. In the pages that follow, we show Fairholme Fund shareholders why we “Ignore the crowd” with regard to our portfolio positions that are currently out of favor in the market. However, nothing in this presentation should be taken as a recommendation to anyone to buy, hold, or sell certain securities or any other investment mentioned herein. Our opinion of a company’s prospects should not be considered a guarantee of future events. Investors are reminded that there can be no assurance that past performance will continue, and that a mutual fund’s current and future portfolio holdings always are subject to risk. As with all mutual funds, investing in the Fairholme Fund involves risk including potential loss of principal. Opinions expressed are those of the author and/or Fairholme Capital Management, L.L.C. and should not be considered a forecast of future events, a guarantee of future results, nor investment advice. The Fairholme Fund’s holdings and sector weightings are subject to change. As of May 31, 2012, Sears securities comprised 10% of the Fairholme Fund’s total net assets. The Fairholme Fund’s portfolio holdings are generally disclosed as required by law or regulation on a quarterly basis through reports to shareholders or filings with the SEC within 60 days after quarter end. A complete list of the Fairholme Fund’s top ten holdings is available on our website at www.fairholmefunds.com. -
Gemini Diamond Run TIC 1031
Property Profile Diamond Run Mall 1 Route 7 South Rutland, Vermont Rutland Regional Field House Kmart JCPenney Sears Tenant In Common Interests • Available for 1031 Exchange 200 Park Avenue South, Suite 1305, New York, NY 10003 16740 Birkdale Commons Parkway, Suite 301, Huntersville, NC 28078 800.644.7845 • www.gemini-re.com THIS IS NOT AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY SECURITIES. A PRIVATE PLACEMENT OFFERING MEMORANDUM WILL ONLY MAKE THIS OFFER OF TENANT IN COMMON INTERESTS TO POTENTIAL INVESTORS. THE INFORMATION HEREIN IS QUALIFIED IN ITS ENTIRETY BY THE MEMORANDUM. ALL POTENTIAL INVESTORS MUST READ THE MEMORANDUM AND NO PERSON MAY INVEST WITHOUT ACKNOWLEDGING RECEIPT AND COMPLETE REVIEW OF THE MEMORANDUM. Property Description INVESTMENT Diamond Run Mall is an enclosed regional mall in Rutland, UMMARY S Vermont, approximately 5 miles west of the Killington resort area, a year-round outdoor-lifestyle resort destination and largest ski facility in the northeast United States. The mall contains 382,983 square feet of GLA and is anchored by K-Mart, Sears, JC Penney and Old Navy. Rutland Field House, immediately adjacent to the Mall, is a vital meeting place for the community. The Field House accommodates over 150 regional grade school, high school, college and amateur ice hockey teams for practice and competitive games, in addition to indoor soccer and lacrosse leagues during the summer months. Due to lack of retail development in Vermont, Diamond Run Mall serves a large trade area that includes nearly 150,000 people living in a 30-mile radius. In addition, over 500,000 tourists visit Killington every year to enjoy skiing, golf, tennis, fall foliage, hiking and a myriad of four season outdoor activities.