Kmart said it closed its worst performing stores because it couldn't maintain inventory once its vendors cut themselves off. Now that the stores are shuttered and inventory is up, Kmart is still doing less business than before. The company is still losing money and market share. I'm not sure the company can get past Christmas.
More Quotes from Howard Davidowitz:
He's a brilliant financial engineer. His record is always the same cut costs, sell assets. That's terrific, only that's no way to run a retail business.Howard Davidowitz
If you are able to build a few stores that are successful and bring in a couple of million dollars each, the department stores will come to you and you can make a deal.
Howard Davidowitz
The message that Martha Stewart's publicity team sent (Wednesday) was, 'Won't it be wonderful that she's coming back and will be running the company' ... But how will that happen It's going to be very tricky.
Howard Davidowitz
Tommy Hilfiger supplies its clothes to department stores and we all know that that's the weakest channel in retail in terms of sales,
Howard Davidowitz
What is behind everything that Luxottica has done worldwide is, they get so powerful they can fry the suppliers' brains out. If you're an independent seller of eyewear, you have a problem. You have to live on service and relationships and fashion and all of that, but it's very difficult to compete with somebody who is buying the same product for less.
Howard Davidowitz
There's no way to make up for the lost business. It's gone.
Howard Davidowitz
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