Updated from 7 a.m. May 2, 2014 with light editorial changes.
NEW YORK (TheStreet) -- I am here to say that the reason for Sears' (SHLD) 78% stock price plunge from its peak in April 2007 -- and associated tattered financials that are putting it incrementally into the grave -- is the outcome of a culture of losing. This attitude emanates from the top brass and permeates the entire organization, resulting in customer needs not being satisfied. In turn, that has led to material market share being gobbled up by the likes of Walmart (WMT), Target (TGT), and of course Amazon (AMZN).
In reviewing two weeks of tweets from the relatively unknown and unfollowed Twitter (TWTR) accounts @SearsCares and @KmartCares, here are a couple worthwhile takeaways as to what's going down at the company:
- Very botched appliance and electronics installation jobs, from improper setup to not removing agreed upon old items from a person's home
- Delivery of damaged goods
- No shows for installation jobs and no information on rescheduling or what caused the no show
- Inability to receive a prompt refund for an item delivered from online that did not meet a customer's expectations
- Repair jobs on appliances not being done correctly the first time, repeat visits taking weeks to reschedule
Here are five tweets that illustrate the problem.
@searscares 3 failed delivery attempts in a week for the second bed of our order. Not very happy. I have a very upset 2 year old.
emily smith (@emilynicole61) April 30, 2014
@Sears extremely disappointed in your lack of integrity. Was sold a cracked display tv and your store refused to exchange it. Called corpbonita rush (@bonita_rush) April 26, 2014
@Sears your repair agreements suck. How many times do have I to wait at home for 4 hour spans to get it fixed right?Andrea McGuire (@AndiMc14) April 30, 2014
.@Sears disappoints me for the last time. Charged for W/D install 20 days ago that they now refuse to do. Sales reps need better training.Ray Toler (@raytoler) April 30, 2014
There are plenty more where these came from.
So in all actuality, the culture of losing at Sears has spread right out from the top to the ground level employees responsible for carrying out the company's mission statement. Still waiting for the company's executive team to acknowledge my public challenge issued last October: walk 15 stores of my choice with me.
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-- By Brian Sozzi CEO of Belus Capital Advisors, analyst to TheStreet.
This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.