As the exconomy and business models changed, many companies and unions didn't know what to do, so they kicked the can down the road by signing up for more pension plans, with bigger and bigger promises to pay you a bonus later, for the contract we sign today.
Now it is very difficult to keep up those promises. Because - the economy and business models continue to change. The old ideas of how pentioms are funded and should work - no longer fit today's economic structure. Deals made 30-40 years ago don't work now.
I think both sides could see that coming, at least in the receipt past, and likely long ago.
But it is so easy to kick the can down the road, and see what happens then...... because wea ll know it will get better in the future, right?
Put another way, I think the labor force and the business world were two pennies you put in one of those spiraling wishing wells, and they chased each other round and round down into the bottom very tight spiral.....
Sears and its workers are spinning really fast - pretty close to spitting out the bottom.
Neither side is winnnig, there is no good news.
Sears/ Kmart is owned by a holding company that bought them for pennies on the dollar and is spiraling the company down. That is the plan, and something that was a given years ago. Anyone in the past what, decade, would know this is the plan and where it is headed, and would then plan accordingly. The craftsman and kennmore names will be sold off, or just licensed off whatever makes more sense at the time. A lot of old stores are sitting empty, I'm not sure those leases are really paying off....
But then, there is a 17 year old Target building sitting empty in my town for 2 years now. It's not like everyone else has it easy and good either. If Target says they can't make it at that location, who is going to come in and try to prove them wrong? Two other modest size retail buildings got turned into a 'troubled kids' high school and a warehouse, that isn't prime use of the locations and buildings but it is what it is. Big retail is 2 grocery stores and a Walmart in town. Main Street is still there with a Erbergers and a few specialty/ tourist shops that come and go. I think Herbergers was invented here, is the reason that store remains...
Dollar General just closed too. That's a nice sized building I would expect something goes in someday.
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