NEIL: LAUREN, THANK YOU.
MEANWHILE, THE PRESIDENT
WEIGHING IN ON THE LIKELY
DOOMING OF SEARS.
TAKE A LOOK.
PRESIDENT TRUMP: I WOULD IMAGINE
SOME OF THOSE GREAT SITES THAT
SEARS HAVE WILL BE PUT TO GOOD
USE.
IT'LL BE A LOT OF JOBS.
SEARS HAS BEEN DYING FOR MANY
YEARS.
IT'S BEEN OBVIOUSLY IMPROPERLY
RUN FOR MANY YEARS AND IT IS A
SHAME.
NEIL: IT IS AN ICONIC GAME GOING
AWAY IN HISTORY, A LITTLE MORE
THAN A YEAR AFTER TOYS "R" US.
FOLLOW THIS CLOSELY, STRATEGIC
RESORT CENTER.
ALWAYS FUN HAVING YOU.
LOTS OF FUN FOR SEARS AND THE
VOTARIES WHO LOVE THAT SEARS
CATALOG.
IT WAS A AMONG THE BEST-SELLING
BOOKS EVER.
AND ALL OF A SUDDEN NOW GOING
AWAY.
WHAT HAPPENED?
>> NEIL, IT'S A SAD DAY.
WHAT NO ONE IS REPORTING OTHER
THAN YOU AND FOXBUSINESS NEWS IS
THIS WAS A COMPANY THAT WAS
WRECKED AND BROKEN AND WAS
UNBREAKABLE.
ARTHUR MARTINEZ COMPLETELY
TURNED AROUND AND 1990s WITH
THE SOFTER SIDE OF SEARS AND
JUST BUILD IT INTO A POWERHOUSE.
LAMPERT CAME AND COMBINED KMART
AND SEARS AS THE LATE GREAT JACK
FIREMAN SAID YOU BREED TO SICK
CHICKENS, YOU LAY THAT EGGS.
AS THE PRESIDENT SAID, THAT IS
WHAT LAMPERT DID AND THE VENDORS
IN CANADA ARE YOUR FURIOUS.
THE VENDORS WERE FURIOUS ABOUT
THE KMART AND PEPSI AND LET ME
GIVE YOU A QUICK COMPARABLE.
CORNELL HAS THE BEST WOMEN
ACROSS CANADA FROM THE OLYMPICS
TO THEIR HOCKEY TEAM AND THEY
HAD SEEN SEARS CANADA GO FROM
BRITISH COLUMBIA TO THE
MARITIMES AND THEY WIN BECAUSE
THEY ARE FASTER, BETTER,
SMARTER.
LAMPERT IS THE COMPARABLE LOSES
BECAUSE HE IS SLOWER
COMMERCIALLY DUMBER AND JUST
DOESN'T HAVE THE WORK ETHIC AND
THE COMPARABLE IS WOMEN ARE THE
FASTEST ON 72 BLADES THAT THE
COACHES DO AND LAMBERT IS THE
EQUIVALENT OF PLAYING I.C.E.
HOCKEY IN SNOWSHOES OR AMATEUR
CROSS-COUNTRY SKIS.
HE DOESN'T UNDERSTAND THE
DETAILED RETAIL.
HE'S NOT A HEADQUARTERS AND
DOESN'T WORK IT AND THE PEOPLE
WITH THE GREAT WORK ETHIC LIKE
CANADIAN MEN AND WOMEN AND SAME
NORTH AMERICA AND RETAILERS, TO
THE PRESIDENT'S POINT, TO
COMPETE WITH SEARS ARE DANCING
ON TABLES BECAUSE ALL OF A
SUDDEN GREAT SITES AND YOU GOT
CLOSE TO 14 BILLION IN RETAIL
COMING UP WE SEE IT AS A STREET
LIQUIDATION BECAUSE LAMPERT IS A
BUSH LEAGUE PRIVATE EQUITY ON
WALL STREET AND NOT
UNDERSTANDING MAINSTREAM JUST
LIKE PERSHING SQUARE.
NEIL: WHAT HAPPENED HERE?
YOU COULD ARGUE THAT WITH THESE
CHARACTERS THERE WAS A SENSE OF
WHAT IS SEARS?
PEOPLE KNEW THE KENMORE PRODUCTS
AND KNEW THE CATALOG BUT MUCH
LIKE TOYS "R" US AND KMART WHEN
IT FELL TO WALMART AND WALMART
STRUGGLES WITH AMAZON AND WHO
WHAT KNOWS WHAT IS DOWN THE ROAD
BUT THINGS CHANGE AND DON'T TAKE
LEADERSHIP FOR GRANTED BUT EVEN
QUICK TO CAUTION AND IS NOT AN
INDICTMENT ON THE CONSUMER OR
ECONOMY BUT DO WE JUST SEEK OUT
DIFFERENT WAYS HEALTH BUYING
THAT SEARS ISN'T TAILORED FOR OR
WHAT?
>> NEIL, IS ALWAYS REPORTED WELL
FOR LONG TIME BUT THE BEST
LEADERS WHEN REGARDLESS OF THE
CIRCUMSTANCE.
WHETHER METTLER OR MARTINEZ
BRINGING BACK YOU LOOK AT THE
RETAIL STOCK EXCHANGE AND OP
PRICE WITH GREAT LEADERS ARE
WINNING.
BJ'S WITH CHRIS BALDWIN TRADING
UP IN BURLINGTON, ROSS, BARGAIN
STORES ARE ALL UP IN THE
CLOSEOUT SEARS MERCHANDISE AND
MACY'S GREAT LEADERSHIP.
WILLARD'S GREAT LEADERSHIP.
COLE'S GREAT LEADERSHIP SO THE
WINNERS WITH GREAT LEADERSHIP
AND WORK HARD THEY WILL WIN AND
LAMBERT WAS AN ABSENTEE GUY AND
IN MY PROFESSIONAL VIEW IT
SPENDS STRIPMINING FOR 15 YEARS
AND BETTING ON LAMPERT IS LIKE
BETTING ON THE BIGGEST LOSER IN
RETAIL AND IN MY VIEW IT'S A
RETAIL HISTORIAN AND CORNELL WE
GOT THE MOST EXTENSIVE ARCHIVES
AND SAME WITH ACKMAN LEAVING
PENNY ON DEATH DOORSTOP, DON'T
BACK ON THESE WALL STREET WAS
THE TYPE OF EQUITY GUYS.
THEY'RE GREAT PRIVATE EQUITY
FIRMS, BROOKFIELD OUT OF CANADA,
THEY CONSTRUCTIVELY REBUILT
THESE GREAT RETAILERS AND TAKE
THEM TO AN EVEN HIGHER LEVEL BUT
IT IS LIKE COACHING AND MEN'S
AND WOMEN'S HOCKEY OR HALL OF
FAME LACROSSE AND GREAT
LEADERSHIP LIKE FRANK BLAKE WHO
TURNED AROUND HOME DEPOT AND
WHEN LAMBERT SOLD A NUMBER OF
HIS STORES TO FRANK BLAKE
INITIALLY FRANK TURNED TWO
THIRDS OF THE BACK BECAUSE THEY
WERE SUCH HORRIBLE SHAPE FROM
DEFERRED MAINTENANCE.
LAMPERT CANCELED THE SALES
CIRCULARS AND PAPER STORES AND
CUT TV AND RADIO ADVERTISEMENT
AND IT'S A SLOW WAY OF KILLING A
GREAT COMPANY.
SHEARS SHOULD BE ALIVE TODAY AND
VERY VIABLE HAD IT HAD GOOD
LEADERSHIP.