Report: management turnover hurts Sears
A report from Cleveland Research points to significant management turnover at Sears, which has been linked to frustrations over inventory reduction aimed at improving cash flow.
The activity is nothing new for the struggling retailer, whose sales have dropped every year since 2007. Turnover has been a continued theme, with former CEO Louis D’Ambrosio exiting the scene in February and chairman Edward Lampert, who had no experience in retail, taking his place.
Most recently, Sears Canada CEO Calvin McDonald resigned from his position. Sources close to the situation said McDonald had butted heads with Sears Holdings Corp. and was dissatisfied with the retailer’s progress. His move came in the midst of a three-year restructuring initiative, the timing of which some analysts believe will dampen Sears’ progress.
Cleveland Research reported that apparel comps are currently negative. Additionally, shares are going down in the appliances segment, and Kmart suppliers are reducing their 2014 forecasts.
Frost King acquires PortaSeal
Mahwah, N.J.-based Thermwell Products, makers of Frost King, has acquired PortaSeal of Morristown N.J., a manufacturer of weathersealing products, according to David Gerstein, president of Thermwell.
PortaSeal is known for its prime-quality wood and self-adjusting vinyl door sets. These include Weth-R-Strip, the economy model for sealing doors and windows; Insulated Strip, the double insulated product ideal for new construction and remodeling projects; and Magnet Stop with the magnetic core gasket that assures a tight seal on metal-clad entry doors. The company also makes Gara-Seal and Gara Bottom, vinyl products for sealing all around and under garage doors.
The PortaSeal product line will be marketed in conjunction with Thermwell’s best-known brand, Frost King.
In addition to Frost King, Thermwell’s family of products includes Mortite rope caulk, W. B. Marvin adjustable metal window screens, Seal-Rite automotive weatherstrip, Regent tapes, Lever slitting machinery, Filmco polyethylene drop cloths and trash bags, and Kraver screening.
Thermwell has offices and factories in Mahwah, N.J., and Sparks, Nev., with production and distribution facilities throughout the country.