Aidan Balnaves-James It is well know that executive compensation growth beats average worker salary growth. By a wide margin. The outperformance contributes to increasingly pronounced levels of income inequality.
The decline is attributable, in large part, to a reduction in the number of Kmart stores and the costs incurred in preparation for converting Kmart stores to Sears formats, including related clearance markdowns.
As of fiscal year-end, we operated 60 fewer Kmart stores than at the beginning of fiscalincluding 48 that were converted to Sears formats.
Merger Integration For the most part, the process of effecting the integration of Sears and Kmart is behind us.
This is significant, because the integration process is a difficult one in all mergers, and many companies stumble at this threshold stage. As part of the integration, Kmart associates accepted relocation offers to move from Troy to Hoffman Estates.
We sold the Troy Headquarters buildings to a developer who plans to create a multi-use facility that will benefit the city of Troy and the entire state of Michigan for years to come. We will continue to have a significant employment presence in Troy. Last month, we combined the Kmart and Sears store operations under Bruce Johnson.
Karen Austin, EVP and Chief Information Officer, and her IT team have made better-than-expected progress in moving forward on our IT roadmap, which is designed to bring the Sears Holdings businesses onto one platform and to ensure that we invest where necessary to further our goal of increasing profits.
We are working to improve our customer relationships and the customer experience across Sears Holdings. In short, the merger process is largely complete. We have faced this challenge and now are focused on running the business better each and every day.
We will not have to deal with the distractions of moving, resizing the organization, or setting a new direction.
At the same time, we will not have the same ability to harvest the low-hanging fruit that the merger presented to us. We are firmly anchored in the tasks of testing, adapting, and executing. Team The most important aspect of beginning to create a new and winning culture is ensuring that we have the right people in place.
We have worked hard attempting to identify the right people, and we now have an executive team that we believe has the capabilities and commitment to enable Sears Holdings to become a great company.
We continue to look to attract, develop, and retain high-quality people. I believe Sears Holdings can offer an unparalleled opportunity for challenge and advancement for the right people. One of the great pleasures that I have experienced through my involvement at Sears Holdings has been the opportunity to work closely with various associates, store managers, district and regional managers, and executives.
While our culture is focused on results, we have a great deal of patience for individuals who have the ability, talent, and desire to succeed — that patience is born out of our commitment to long-term value creation.
We are asking a great deal of our executives, of our associates, and of ourselves. We believe that we have the opportunity to be part of overcoming an enormous challenge and creating lasting success. This will not be easy, but since the merger, we have been contacted by many candidates who want to get in on the ground floor of a unique opportunity to live our transition from good to great.
We remain interested in hearing from people at all stages of their careers who have the energy, ability, and dedication to help us succeed in our goal. We invite the best, brightest, most ethical and commercial people to join us. We will not be bound by the dictates of past practices.Versatility is Chic.
A tip is to secure at least one quality bag for each of your daily activities (work, casual evenings, traveling, parties, etc.) in neutral, versatile colors such .
And that's the trouble with investing in turnarounds: You're always whistling past the graveyard hoping nothing disturbs the course it's set.
The plan J.C. Penney has is a sound one, but it's fraught with risk and investors need to go in with their eyes wide open before taking the plunge and buying its stock.
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