this post was submitted on 26 Sep 2024
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A reminder that two of those three didn't fall, they were killed by vulture capital
Private equity spent most of the 90's destroying Montgomery Ward and Eddie Lampert held Sears/KMart under the water until the bubbles stopped so he could cry to anyone that would listen that the retail business was failing while he made a fortune selling off the company's real estate.
Yup, they deliberately ran it into the ground. They took out loans against Kmart to buy Sears and sold Sears and Kmart properties off to give themselves money via stock buybacks.
And what's worse, because it worked, you can see similar actions happening to other major retail outlets. Target, in particular, seems to be following directly in the footsteps of Kmart.
Thanks for clearing the misconception. Are there any books on this you'd recommend?
There was a Wisconsin retail chain, Shopko, that fell to this, too. They bought the company, then took out loans against all the properties. Those loans were paid out as bonuses to the board, but the company had to pay the bill.
Then they minimally staffed the stores. One person handling registers, one or two behind the customer service counter, and one or two people on the floor to handle stocking and helping customers. If you needed help, you could easily be waiting around 15 minutes for anyone to come. This for a store that, while not as big as a Super Walmart, is around the size of a regular Walmart.
During the inevitable bankruptcy, it was revealed that the money taken at the register for state sales taxes was pocketed by the company rather than paid to the state.
All under the guise of "brick and mortar can't compete with Amazon". Competition was not the problem. Shopko was murdered by its own board of directors.
I still won't forgive Shopko for consuming Pamida and ultimately taking the remnants of Pamida down with it.
I'm surprised to see on Wikipedia that Shopko actually owned Pamida basically the entire time I was growing up, they just ran it independently. They even broke up breifly before re-merging later. The second merger sent it all to shit, though. "Shopko Hometown" my ass.
Memory triggered. There was a Shopko in Nebraska near where my grandfather lived. I remember buying Super Metroid, Secret of Mana, and Mega Man Soccer there in 1994. Well, at least two of the games were great!