See Attached for instruction and references to use

Sears Story to Analyze

The Setting

A household name in America, Sears was once the worlds largest retailer. In October 2018, the company filed for Chapter 11 bankruptcy, and its remaining assets were sold to a hedge fund, ESL Investments, owned by Eddie Lampert. What happened? Sears Holdings Corporation was a specialty retailer, formed in 2005 by the merger of
Kmart and Sears Roebuck. The merger was the idea of Eddie Lampert, a billionaire hedge fund manager who owned 55 percent of the new company and who became chairman. Based in Illinois, the company operated in the United States and Canada, with 274,000 employees, 4,000 retail stores, and annual revenues (2013) of $40 billion. Sears and Kmart stores sold home merchandise, clothing, and automotive products and services. The merged company was successful at first, due to aggressive cost cutting.

The Problem

By 2007, two years after the merger, profits were down by 45 percent. The Chairmans Solution Lampert decided to restructure the company. Sears was organized like a classic retailer. Department heads ran their own product lines, but they all worked for the same merchan-dising and marketing leaders, with the same financial goals. The new model ran Sears like a hedge fund portfolio with autonomous businesses competing for resources. This internal market would promote efficiency and improve corporate performance. At first, the new structure had around 30 business units, including product divisions, support functions, and brands, along with units focusing on e-commerce and real estate. By 2009, there were over 40 divisions. Each division had its own president, chief marketing officer, board of directors, profit and loss statement, and strategy that had to be agreed on by Lamperts executive committee. With all those positions to fill at the head of each unit, executives competed for the roles, each eager to run his or her own multibillion-dollar business. The new model was called SOAR: Sears Holdings Organization, Actions, and Responsibilities.
When the reorganization was announced in January 2008, the companys share price
rose 12 percent. Most retail companies prefer integrated structures, in which different divisions can be compelled to make sacrifices, such as discounting goods, to attract more shoppers. Lamperts colleagues argued that his new approach would create rival factions. Lampert disagreed. He believed that decentralized structures, although they might appear messy, were more effective and they produced better information. This would give him access to better data, enabling him to assess more effectively the individual components of the company and its assets. Lampert also argued that SOAR made it easier to divest businesses and open new ones, such as the online Shop Your Way division. Sears was an early adopter of online shopping. Lampert (who allegedly did all his own
shopping online, but had no previous experience in retailing) wanted to grow this side of the business, and investment in the stores was cut back. He had innovative ideas: smart-phone apps, netbooks in stores, and a multiplayer game for employees. He set up a company social network called Pebble, which he joined under the pseudonym Eli Wexler, so that he could engage with employees. However, he criticized other peoples posts and argued with store associates. When staff worked out that Wexler was Lampert, unit man-agers began tracking how often their employees were Pebbling. One group organized Pebble conversations about random topics just so they would appear to be active users.
The Chairman At the time of the merger, investors were confident that Lampert could turn the two companies around. One analyst described him as lightning fast, razor-sharp smart, very direct. Many of those who worked for him described him as brilliant (although he could overestimate his abilities). The son of a lawyer, it was rumored that he read corporate reports and finance textbooks in high school, before going to Yale University. He hated focus groups and was sensitive to jargon such as vendor. His brands chief once used the word consumer in a presentation. Lampert interrupted, with a lecture on why he should have used the word customer instead. He often argued with experienced retailers, but he had good relationships with managers who had finance and technology backgrounds. From 2008, Sears business unit heads had an annual personal videoconference with
the chairman. They went to a conference room at the headquarters in Illinois, with some of Lamperts senior aides, and waited while an assistant turned on the screen on the wall opposite the U-shaped table and Lampert appeared. Lampert ran these meetings from his homes in Greenwich, Connecticut; Aspen Colorado; and subsequently Florida, earning him the nickname, The Wizard of Oz. He only visited headquarters in person twice a year because he hated flying. While the unit head worked through the PowerPoint presentation, Lampert didnt look up, but dealt with his emails or studied a spreadsheet until he heard something that he didnt likewhich would then lead to lengthy questioning. In 2012, he bought a family home in Miami Beach for $38 million and moved his
hedge fund to Florida. Some industry analysts felt that Sears problems were exacerbated by Lamperts penny-pinching cost savings, which stifled investment in its stores. Instead of store improvements, Sears bought back stock and increased its online presence. In 2013, Lampert became chairman and chief executive, the company having gone through four other chief executives since the merger.

The Outcomes

Instead of improving performance, the new model encouraged the divisions to turn against each other. Lampert evaluated the divisions and calculated executives bonuses, using a measure called business operating profit (BOP). The result was that individual business units focused exclusively on their own profitability, rather than on the welfare of the company. For example, the clothing division cut labor to save money, knowing that floor salespeople in other units would have to pick up the slack. Nobody wanted to sacrifice business operating profits to increase shopping traffic. The business was ravaged by infighting as the divisionsbehaving in the words of one executive like warring tribesbattled for resources. Executives brought laptops with screen protectors to meetings so that their colleagues couldnt see what they were doing. There was no collaboration and no cooperation. The Sears and Kmart brands suffered. Employees gave the new organi-zational model a new name: SORE. The reorganization also meant that Sears had to hire and promote dozens of expensive
chief financial officers and chief marketing officers. Many unit heads underpaid middle man-agers to compensate. As each division had its own board of directors, some presidents sat on five or six boards, which each met monthly. Top executives were constantly in meetings. The company had not been profitable since 2010 and posted a net loss of $170 million
for the first quarter in 2011. In November that year, Sears discovered that rivals planned to open on Thanksgiving at midnight, and Sears executives knew that they should also open early. However, it wasnt possible to get all the business unit heads to agree, and the stores opened as usual, the following morning. One vice president drove to the mall that evening and watched families flocking into rival stores. When Sears opened the next day, cars were already leaving the parking lot. That December, Sears announced the closure of over 100 stores. In February 2012, Sears announced the closure of its nine The Great Indoors stores. From 2005 to 2013, Sears sales fell from $49.1 billion to 39.9 billion, the stock value fell by 64 percent, and cash holdings hit a 10-year low. In May 2013, at the annual share-holders meeting, Lampert pointed to the growth in online sales and described a new app called Member Assist that customers could use to send messages to store associates. The aim was to bring online capabilities into the stores. Three weeks later, Sears reported a first-quarter loss of $279 million, and the share price fell sharply. The online business contributed 3 percent of total sales. Online sales were growing, however, through the Shop Your Way website. Lampert argued that this was the future of Sears, and he wanted to develop Shop Your Way into a hybrid of Amazon and Facebook. The companys stock market valuation fell from $30 billion in 2007 to $69 million in October 2018, while car-rying $5 billion in debt. Revenues in 2018 were $16.7 billion, down from $50.7 billion in 2007. Sears had around 3,500 stores in America in 2007, and young shoppers rarely visited the 866 stores that remained in August 2018. Sears filed for Chapter 11 bankruptcy in 2018, and Lampert resigned as chief executive, but stayed on as chairman.

Case Sources
Kimes, M. 2013. At Sears, Eddie Lamperts warring divisions model adds to the troubles. Bloomberg Businessweek, July 11. http://www.businessweek.com/articles/2013-07-11/ at-sears-eddie-lamperts-warring-divisions-model-adds-to-the-troubles.
Forbes (n.d.), #2057 Edward Lampert, http://www.forbes.com/profile/edward-lampert. My Assessment Results
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Research Article

Managing Positive Change: Emotions and Communication
Following Acquisitions
Riikka Harikkala-Laihinen
Published online: 23 Jun 2022

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ABSTRACT
This article takes a positive organizational scholarship lens to change management and explores what is the

relationship between emotions and communication in managing positive change. Through an abductive study, it

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relationship between emotions and communication in managing positive change. Through an abductive study, it

suggests a framework of positive post-acquisition change, which centres on interaction in the generation of positive

emotions. The framework is built based on a Finnish German merger completed in late 2013 and substantiated

through a German Finnish acquisition completed in early 2017. Based on the ndings, positive emotions can

enhance employee identication with the post-acquisition organization as well as increase motivation and

engagement in change. Conversely, negative emotions are likely to cause protectionist, change-resistant behaviour.

Whereas top-down communication is essential in ensuring day-to-day functions, interaction enables the creation of

positive emotions and thereby engages employees in change-congruent behaviour.

MAD statement

Generating positive emotions rather than merely alleviating negative emotions can signicantly enhance change

outcomes. Practitioners have the ability to encourage the emergence of positive emotions through dierent

communication means. Traditional communication, i.e. information sharing, ensures day-to-day functionality and

can help alleviate worries, but does not engage employees in change. Instead, participation and interaction create a

sense of ownership, generating positive emotions and motivating employees to work toward change.

KEYWORDS: Change positive emotions communication interaction mergers and acquisitions

Introduction

Despite decades of research, change management literature to date lacks a detailed understanding of the

emergence and inuence of emotions (Zietsma et al., 2019). In order to explore the link between change

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emergence and inuence of emotions (Zietsma et al., 2019). In order to explore the link between change

management and emotions, this article asks; what is the relationship between emotions and communication in

managing positive change. In this article, positive change is dened as armative as opposed to harmful in terms of

employee responses and organizational outcomes (Avey et al., 2008). With regard to emotions and communication,

particular attention is given to the emergence of positive emotions and the communication practices likely to trigger

them. This focus is driven by three interrelated shortcomings detected in previous literature.

First, this paper follows Diener et al. (2020) in dening emotions as componential experiences, which consist of a

triggering event, cognitive appraisal, action readiness, psychological signals, subjective sensations and behavioural

outcomes. Previous research clearly indicates that positive emotions surrounding change are benecial (e.g.

Canning & Found, 2015; Dixon et al., 2016). Still, particularly the facilitation of positive emotions at work necessitates

further research (Allen & McCarthy, 2016). This indicates the need to explore how positive emotions emerge at

work, particularly during change periods.

Second, according to the Oxford English Dictionary, communication refers to conveying or exchanging information.

Previous research reveals that communication enables creating the abovementioned positive climate around

change (Ashkanasy & Daus, 2002). Yet, the eciency of communication as a means to overcome potential conict

necessitates further research (Angwin et al., 2016; Weber & Drori, 2011). Moreover, managerial involvement in the

relationship between communication and emotion remains underexplored (Zagelmeyer et al., 2016). This highlights

the importance of identifying the communication means, which increase positivity and harmony during change

periods.

Third, this article adopts the notion that managing positive change occurs through managerial tactics for generating

positive subordinate reactions (cf. Ouakouak et al., 2020). Yet whereas the benets of a positive change climate are
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positive subordinate reactions (cf. Ouakouak et al., 2020). Yet whereas the benets of a positive change climate are

widely acknowledged, how to manage change in a positive way requires further exploration (Canning & Found,

2015; Dixon et al., 2016). Despite the knowledge that positive emotions and communication are linked to positive

change, managing collective emotions (Huy, 2012) continues to puzzle academics and practitioners alike. This

advocates exploring active emotion management during organizational change periods (Steigenberger, 2015).

To explore this phenomenon in practice, this article examines the post-acquisition change context, i.e. integration.

While previous acquisition research most often focuses on negative employee reactions (Graebner et al., 2017),

empirical evidence proves that change can also trigger positive experiences (e.g. Kusstat

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Auto insurance

Life insurance

Disability insurance

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Credit Cards

Monthly payment

Student Loans

Monthly payment

Other Loans

Monthly payment

Medical Expenses

Doctor/dentist office visit copays

Uncovered expenses

Prescription drug costs or copays

Over-the-counter medications

Contact lenses or glasses

Food and Beverages

Groceries

Restaurants

Alcohol

Transportation

Car payments

Car maintenance

Gas

Car washes

Parking

Ride share/taxis

Public transportation

Other

Charitable Contributions

Donations

Tithing

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Other

Clothing

General clothing

Workplace attire

Shoes

Accessories

Other

Communications

Cell phone

Other

Technology

Internet

Software programs and video games

Tech accessories

Other

Television

Cable

Video streaming subscriptions

Other

Travel

Hotels

Flights/rail/car costs

Food

Tickets to shows, sporting events, museums

Pet/house sitting

Other

Entertainment

Movies

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Bars/clubs

Concerts

Sporting events

Hosting parties

Other

Personal Care

Health club/gym membership

Toiletries

Haircuts

Other

Pets

Food

Vet bills

Groomer fees/boarding costs

Toys and collars

Medicine

Other

Gifts

Birthdays

Holidays

Other

Other Expenses

Total Monthly Expenses:

Monthly Income Monthly Expenses: