the_Bird

Sears Holdings' True Value

As to the "Brand Value" aspect of the argument, anybody who's been in the market for lots of tools and lots of appliances for a new house knows that part of the Sears cost-cutting initiatives has resulted in a MASSIVE deterioration in the quality of the Kensmore and Craftsman brands. Craftsman tools, at least those targetted at the typical consumer (rather than the professional) are garbage. Kenmore appliances have also developed a reputation for being trash.

So, you've got a crappy retailer (if you've got a clean, well-stocked Sears store, I guess that makes one of us)... with a continued, long-term decline in same-store sales... in an environment that's likely going to see continued deterioration in overall retail sales... with another potential time bomb waiting of credit card receivables (my opinion, the "new subprime" for 2008)... with real estate holdings that are no longer appreciating in value... and deteriorating brand quality....

What's the bull case again?

Sears' Lampert: How Much Trouble Is “The Next Warren Buffett” In?

Well, that didn't tell me anything that wasn't already immediately obvious...