YOU COULD DOVETAIL EASILY FROM AMAZON BEFORE THERE IS AMAZON OR WAL-MART, THE GO TO ICON FOUNDED IN 1893 WITH THE CLASSIC BACK IN MY CATALOG. FROM CRADLE TO THE GRAVE HERE TO STEPHEN’S OLD GRAVESTONES. EVERYTHING FROM SEWING MACHINE TO SPORTS EQUIPMENT. THE ONCE ALL-POWERFUL RETAILER HAS FALLEN ON VERY HARD TIMES TO KEEP UP WITH THE CHANGING MARKETPLACE. WITH NEWS TODAY THAT THE RETAILER IS FILING FOR CHAPTER 11 BANKRUPTCY. WE WANT TO GET JEFF FLOCK IS AT THE FORMER SEARS. I CAN ONLY IMAGINE IN CHICAGO IS A POWER BACK THEN BUT WE’VE GOT OFF IN IRAQ — THE HARDLINER RETAIL AND E-COMMERCE SECTORS EXTENSIVELY. TO YOU FIRST. I WAS READING COMING YOU KNOW, SEARS USED TO BE AN INNOVATOR. THEY CREATED THE DISCOVER CARD, ALLSTATE INSURANCE.>>THEY INNOVATED FOR YEARS. THIS IS WHERE THEY WERE HEADQUARTERED UNTIL 1973 WHEN THEY BUILT THE NEW SEARS TOWER. PICTURE A DISTRIBUTION CENTER. THE DISCOLORED BRETT BAIR IS ACTUALLY A BUILDING THAT TOOK UP THE ENTIRE BLOCK. THE CATALOG WAS PRINTED AT THE MERCHANDISE WAS DISTRIBUTED FROM. BETTY LAMPERT THOUGHT THERE WAS VALUE HERE. ADMITTING OVER THE PAST SEVERAL YEARS WE HAVE WORKED HARD TO TRANSFORM IN THE VALUE OF OUR ASSETS AND WHILE WE MADE PROGRESS, THE PLAN HAS YET TO DELIVER ON THE RESULTS WE HAVE DESIRED. REVENUE DOWN 73% OVER THE COURSE OF THE PAST 10 YEARS. THE LAST YEAR SERIES MADE A PROFIT. $65 MILLION OF A PROFIT IN Q2 OF 2008 THIS YEAR. THEY LOST HALF A BILLION DOLLARS IN Q2. LIZ: NOR IS THE STOCK WHICH IS NOW 32 CENTS. WHAT I FOUND INTERESTING, BRIAN DOES IT USE TO DOMINATE RETAIL, BUT THE MARKET CAP TODAY $32 MILLION IN ANTI-LAMPERT THOUGHT IT FOR $11 BILLION OR THAT’S A DISASTER. BUT LOOK FORWARD HERE. WHICH RETAILERS TO BACK FILL THE SPACE THEY PERHAPS LEAVE. HOME DEPOT AND LOWE’S CANNOT TRY AND SHARE. COMPANIES LIKE AUTOZONE AND O’REILLY. AND MANY OTHERS, TO. WHAT EVERYTHING IS RELATIVE URIS IN THE COMMENTARY, THIS IS A LONG TIME COMING. THIS IS A CHAIN THAT I FOLLOWED RETAIL NOW FOR 20 SOMETHING YEARS. WE’VE ALL BEEN TALKING ABOUT THE STRUGGLE FOR A VERY LONG TIME.>>IS SO EASY TO BLAME AMAZON. YOU WERE THERE AT A SHAREHOLDER MEETING WHERE HE SAID SOME VERY NEGATIVE DINGS ABOUT THE MEDIA AND BLAMED US, THE COLLECTIVE BUSINESS NEWS MEDIA.>>CURIOUSLY ENOUGH, THE PRESIDENT HIMSELF TODAY IN STEVE MNUCHIN UNTIL IT BECAME TREASURY SECRETARY TWO YEARS AGO WAS ON THE BOARD ARE OBVIOUSLY THIS COMPANY HAS MISMANAGED FOR A LONG TIME. BETTY LAMPERT TWO HAS BEEN RUNNING THIS COMPANY SINCE 2005, THAT’S 13 YEARS. YOU TAKE THAT FOR WHAT IT’S WORTH. I THINK IT’S QUITE TRUE.>>RYAN, DOES IT REALLY EVEN MATTER ANYMORE?>>I THINK IN A CERTAIN WAY AMAZON MAY HAVE BEEN THE NAIL IN THE COFFIN. CYR STRUGGLED FOR A LONG TIME. LOOKING BACK, IF THERE’S ANY THING OUT THERE, THE ONE THING THAT REALLY DOOMED BY MIND WAS A MASSIVE LACK OF INVESTMENT IN THEIR STORES. WHAT YOU SEE TODAY AND WHAT ARE REALLY ENCOURAGING WITH RETAILERS THESE HIGH-QUALITY TRADITIONAL COMPANIES INVEST SIGNIFICANTLY TO COMPETE BETTER WITH AMAZON. AMAZON WAS A FACTOR. THERE IS A LOT OF FACTORS.>>YOU’RE WORRIED ABOUT SEPTEMBER RETAIL SALES THAT CAME IN AND WITH A GAIN OF ONE 10th OF 1%. THERE’S THAT ISSUE. WHAT ARE YOU SEEING.>>I WAS DIGGING THROUGH THE RETAIL SALES REPORT AND I THINK IT’S FINE. THE KEY I THINK WAS THE RETAIL SALES REPORT IS THAT THE MONTH OF SEPTEMBER COULD BE CHOPPY. IT’S WHEN THE WEATHER STARTS TO TURN BACK TO SCHOOL. OFTENTIMES YOU HAVE SOME DISLOCATION, BUT THEY ARE THE ONES QUITE GOOD. LIZ: WOULD USE BE SURPRISED IF I TOLD YOU SOME PEOPLE THINK SHAKE SHACK MAY TAKE OVER SOME OF THESE THEORIES LOCATIONS? THAT’S BEEN TALKED ABOUT.>>THAT’S BEEN THE VALUE TALKING ABOUT UNLOCKING THE VALUE. SOME PEOPLE THINK LAMPERT HAS A MARKET VALUE BY SELLING A LOT OF THE REAL ESTATE TO HIMSELF IN THE COMPANY HE CONTROLS. THERE’S OTHER MORE REAL ESTATE OUT THERE THAT HAS VALUE STILL TO THIS DAY AND SHAKE SHACK IS AS GOOD AS THE NEXT GUY. A LOT OF THESE HOLDINGS ARE HUGE. NO ONE OVER THERE WITH THEIR ADMINISTRATIVE BUILDING. DON’T NEED A LOT OF SHAKE SHACK.>>LOVE THE CUSTARD IN THE BURGERS.