The tale of mismanagement of Sears and Kmart has been going on for quite some time….according to many experts it won’t be long before Sears files for bankruptcy and closure of many more if not all its stores.
There are several key points from the NY Times article:
- Financial manipulations are not the way to run any business.
- Retail businesses need to be run by retail people
- Visiting the corporate headquarters once a year is completely contrary to sound management principles.
- Divisions within a company should not be always be competing with each other. There should be an overall common purpose with every division working to achieve that goal.
Sears certainly faces many obstacles that other large retailers currently face….however it has not helped itself at all.