Aired 5 d ago 0:13
Wintrust Business Lunch with Steve Bertrand | WGN Radio
Eddie Lampert, Edward Lampard And Sears discussed on Wintrust Business Lunch with Steve Bertrand
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Aired 3 months ago 102:56
Episode 154: Retail Renaissance
Donovan discusses the latest news of Sears Holdings closures of Sears and KMart stores. He covers a list of companies that could be poised to go the way of the dodo bird and with them, what potentially could happen to malls. What can malls do to survive? Apparently become theme parks. Musical Credits: [Whatdafunk, Rock...
Aired 2 months ago 41:12
Sears: There Was More For Your Life
If you want to hear from some of the smartest m most interesting people in media, and entertainment, you have to listen to Peter Kafka on Recode media. Peter Kafka is the executive editor of Recode and the co producer of the code conference. And every Thursday, he talks the people like Pulitzer prize winning New York Times journalist, Emily steel, eighth grade director, Bo Burnham and BuzzFeed CEO, Jonah Peretti. He also has some really fun interviews with comedians like Larry Wilmore Samantha b and Jimmy Kimmel. You can subscribe to Recode media with Peter Kafka on apple podcasts, Stitcher or wherever you're listening. Describe for me. What's it like walking into a Sears in twenty eighteen? I would quote one of the shoppers that I spoke to for a story recently. He told me that it was like a ghost town. Haley Peterson is a senior correspondent at business insider, she covers retail and has written a lot about the slow down. Fall of the Sears department stores. She also lives in Richmond Virginia and fairly often. She walks into the local Sears, many of the shelves are bare there are some areas of the store entire corners that could really be their own standalone store, they're pretty large areas that just have nothing there. No racks, no products. Nothing. There's maybe torn up carpet or a sign that's long been torn down from the wall. That's leaning up against the wall now or ladders abandoned carts hilly told me she'd walked past displays for its famous brands like craftsmen and Kenmore, and then she'd see whole areas of the store where sheets were hanging whether it's bedsheets or shower curtains to hide some empty areas of the store because they don't want shoppers. To see how empty the store is really are. She'd see handwritten sale signs the handwriting was illegible and the sales that they were advertising made no sense. It would say seventeen percent off. And then the math would be wrong on what the actual price would end up being for certain goods. And it made the store looked like it was going out of business, which it wasn't. It was a mess in empty. You'd be hard pressed to find an employee, and that's not because the employees are often a back room, not doing their jobs. It's because there's typically only two employees in the entire store that has to floors, and it's a giant sprawling department store, and they're in charge of all these different departments from payroll to appliances to shoes. Everything Sears declined to. Here's some might say decades. But the story of why Sears ended up in bankruptcy is tied up in the story of one Rick. Lucid billionaire who took a big bet that failed even if he benefited himself along the way. From business insider and Stitcher. This household name. Grants. You know, stories you don't damn up. Donald. Today. Sears for years. It was America's biggest and most famous retailer, but a few years ago. The hedge fund wonderkid named Eddie Lampert took control at first it looked like he might breathe some life into Sears. Now, some shareholders and critics don't like how he enriched himself as the company fell. But if he hadn't would Sears have survived this long. The Eddie Lampert story includes a kidnapping a yacht and the world's worst videoconference state with us. Why do I shop at Sears easy for me? I can pick a tennis ball children's clothing torque wrenches and a dish all in the same shop for America. Sears is one of those brands that's been part of the American landscape so long it feels like it's a given. It's like the definition of mainstream a store many of us may be stopped visiting years ago. But still thought comforted that it existed as it has since eighteen eighty six great fears hundred anniversary field when the Sears bankruptcy was announced. Comedian Stephen Colbert tweeted, I'm gonna miss Sears, especially on those days when you just want to buy a suit carpet, an air conditioner, a lawnmower foundation garment an air hockey table and attractor as Haley Peterson told me shoppers still remember Sears is hey day. The number one thing that Sears most loyal shoppers. Remember is opening up the Sears catalog every year around Christmas time and thumbing through those pages and circling what they wanted to get for the holidays, if you think, you know, fears catalog Waleed seated seriousness string catalog is hot and cool. Everybody waited for that catalog at one point. I think it was the thousand pages and Sears dominated this mail order catalogue industry, and so many people say that it was the Amazon of its day back then like Amazon Sears open distribution centers to speed the products. Too far flung parts of America rural towns, all of a sudden had access to lots of goods that in prices. It started selling watches by mail by one thousand nine hundred the Sears catalog was hundreds of pages long and sold just about anything you could want and some things you might not silk. Stockings life, preservers hairbrushes electric belts for your body. Windmills, opium arsenic, complexion wafers drills, washing machine guns, whole callers, full houses whole school houses, cradles craze. During the great depression. It's mostly practical products in good prices. Made a success Sears, then helped build the suburbs by providing credit those whole cars and houses and even creating AllState insurance as the suburbs grew after World War Two Sears opened stores in new malls springing up in towns and cities it was never too far to head to the local Sears to see the new Kenmore dishwashers or by a suit. It was the only place to buy its own popular brands like die hard. They had over three thousand stores, and when I say anchor stores, I mean, these are the big hawking buildings that are at the entrances of shopping malls. They're major traffic drivers and their giant spaces multi-storey spaces that really are critical to the survival of many shopping malls, Sears released its final catalog in nineteen Ninety-three by then WalMart had overtaken. Ears as America's biggest retailer. You could see this moment as the beginning of a long end for Sears. But to really understand how Sears ended up in bankruptcy in two thousand eighteen you have to get to know Eddie Lampert. Any lampert? Where's a lot of hats? He's a hedge fund owner landlord and investor a chief executive and chairman he's in his fifties now, but in the eighties. He graduated from Yale where Treasury Secretary Steven Mnuchin was his roommate he worked at Goldman Sachs. And when he was twenty six he started his own hedge fund ESL investments which stands for Edwards. Scott Lampard twenty-six is young to start a hedge fund, but Eddie was a star year after year his fun gave investors big returns. Like twenty percent. The Wall Street Journal called him the climber BusinessWeek put him on the cover and asked if he's the next Warren buffet made a deal for a store called, autozone. Which sells things like car seat. Covers motor oil Eddie Lampert made a big bet on autozone. It was one of his big success stories. He acquired thirty percent of the company bought back a ton of stock which sent share prices soaring. And then eventually sold her stock for one point five billion dollars. So he made a lot of money. He made a lot of money. It was a very successful. But that success caught the attention of Wall Street and a four men in Connecticut. It was the evening in two thousand three welcome back a bizarre kidnapping over the weekend in Greenwich, Connecticut, Edward Lambert, who is regarded as one of the nation's most successful money managers was kidnapped on Friday night every Lampert had just left work. He was walking to his car from his office in Greenwich. Connecticut. One of the wealthiest towns in America. He is listed by Forbes as the two hundred eighth wealthiest person in America, the second wealthiest person in Connecticut, we're somewhere around eight hundred million dollars. His office was in a three story brick building. A stone's throw from Tony shopping district. He'd been working on trying to acquire K mart out of bankruptcy. But as he was about to get into his car for men grab. Him and shoved him into an SUV confronted and kidnapped in the underground parking garage there in Greenwich, Connecticut and took him to a days inn where he was held captive for twenty eight hours, they blindfolded and handcuffed. Eddie. He was told by these men that autozone. Officials where he was a director of the time had offered to pay them three million dollars to murder him. It was just a story. One of the kidnappers who was in his early twenties at the time later told Vanity Fair that he was just looking for local wealthy targets and read about Eddie in the paper. They threatened Lampert repeatedly that they would kill him. They made promises that they wouldn't if they could settle on some sort of amount of money, and ultimately they settled on a five million dollar payoff. The next thing. The captors did is kind of baffling in the middle of the night. The drove Eddie to a highway off ramp and told him to go get the money, I guess, they trusted they were going to get their money. And instead he walked straight to a police station and sought help what happened to the kidnappers. The kidnappers were quickly nabbed by police because they took Eddie Lampert credit card and went on a shopping spree buying about eight hundred dollars of electronics. These are not very smart criminals. No, I don't know if this was their first job. But it sounds like it probably was Eddie Lampert. Almost never speaks about this incident. He told Vanity Fair quote. I don't really wanna talk about it for a lot of reasons. But I know it's not an unimportant event, and it may have affected how he'd later run Sears. Just days after he scape. The kidnappers Eddie Lampert got the prize. He was seeking K mart Thurs fund. He bought more than half of the retailer out of bankruptcy and started to turn it around. Then he got a bigger idea. He would merge K mart with one of the most famous retailers in America. Sears Eddie Lampert. Didn't really have any experience in retail before coming to KMart. Not unless you count, autozone. Butter department store is much different kind of retail. He acquired K mart out of bankruptcy in two thousand three. And then it was in two thousand five that he orchestrated a merger with Sears to become Sears holdings. And he was chairman of Sears holdings until twenty thirteen when he became CEO at first he looked like a genius, Sears holdings. Did really well and ESL's investment alone was worth five billion dollars by two thousand seven the company was flush with cash and. Spent billions of dollars buying back its own shares from two thousand five through twenty twelve some of Eddie Lampert. Critics say that the reason that he had interest in Sears was for its many valuable assets from its real estate with all of these big department stores at different shopping malls around the country as well as it's valuable brands such as Kenmore craftsman and diehard. These are American brands that had been around for decades that had a lot of loyal followers. Kenmore? And until the great recession. It seemed like a good bet. According to some executives that I've spoken to that were around in the early days. Eddie Lampert had a goal of making Sears a strong retailer to stand on its own. I think at some point during and after the recession as business was getting pummeled it seems that he started looking for other ways to extract value from the business when the recession hit sear sales dropped and never really recovered. The last year the company made a profit was twenty ten and during this time Eddie soured on Sears is stores. You might think if you're running a big name retailer you'd put money in the stores to make sure they're fully stocked and look clean and fresh. He would argue that there were better uses for the money. So he took Sears cash and he invest. Ended in things like share buybacks. And which are about Bax do is essentially increase the value of the shares outstanding. So the company's share price those up and shareholders of the company benefit. How can you even call share buy back in investment when all it's really doing is just like the simple math equation where there were there fewer shares outstanding? So the value goes up, but it's not actually based on more sales or momentum or anything like that. I just wanted to you know, how how long did that last? I mean, you spend like a few billion dollars share buybacks, but you're not investing in stores like how can that not lead to the decline of this this company? I think it's was a successful strategy for him with autozone. And so he thought he could do the same thing with Sears. And why didn't it work with series? It didn't work with Sears because the lack of investments in the stores was so great that a downturn sales downturn happened that was so severe. Fear that it at a certain point just couldn't be reversed or stopped. And when you're not meeting, those basic tenets of a good retail business. It can't survive. It's around this time that Sears and KMart stores. Start looking shabby when employees start hanging the sheets to hide the baron shelves. Meanwhile at Sears headquarters in Illinois Eddie Lampert was nowhere to be found. That's an imminent. This episode of household name is brought to you by American Express see business differently. See big expenses as big opportunities. See another problem as another solution. See late nights as late nights. It is still business. Get the powerful backing of American Express don't do business without it. Learn more at American Express dot com slash C business differently. That's American Express dot com slash C business differently. It can be hard to find a great deal on the perfect item for your home or your kids or even yourself, but at zoo lily dot com. Great fines are a daily occurrence. Here's how it works. Every day at six AM Pacific zoo Lilly announces deals on all new items from UT brands, too big labels, like cuisinart, kitchenaid and spanks all up to seventy percent off. How do they do it? Well, you purchase what you want then Zulu places one big order and males the items to you. They don't have. Warehouses, which is how they save money, which less than offered deals on everything from payroll to interactive and personalized toys for kids, and even home decor. They even have bulk items from boxed I got a lot of paper towels from Zulu early and you can shop for essentials or plan ahead for special occasions their fresh curated selections, make it easy to find great gifts or throw an awesome party. See for yourself. Why over six point five million members shop on zoo, lily dot com this month, only our listeners can get an extra twenty percents off your first order when you sign up zoo lily dot com slash household. This month only get an extra twenty percents off your first order when you sign up zoo. Lily dot com slash household zoo. Lily dot com slash household. We're back. When people talk about Eddie Lampert. They often use words like reclusive or shy Lampert. Rarely speaks publicly the guy. Never gives interviews. His spokesperson. Also did not make them available for this podcast, some speculate the kidnapping incident, made them even more quiet. He lives in a place called Indian creek island off the coast of Miami. It's an incredibly private very wealthy area. It's one of the wealthiest zip codes in the country. It has only about forty homes on the island, and it's heavily guarded. It has its own private police, and he has a home there. That's estimated to be worth about thirty eight million dollars. Eddie Lampert is also the kind of guy who names his yacht. The fountainhead also inspired by ign rant. He divided the company into thirty divisions. Each one had to compete with the others for resources this proved expensive and inefficient. That's. One reason Sears didn't really bounce back from the recession by two thousand fifteen morale at the company's headquarters was low. It didn't help that Lampert was almost never there in person. Instead he'd beaming electrically from fourteen hundred miles away from that mansion on that Florida island. I'm imagining Eddie Lampert on the screen as this kind of menacing big, brother. You know, a larger than life face. He is sort of up there on this giant screen at the front of the room people sitting around a conference table waiting for him to flash onto the screen, even some employees at headquarters would refer to him as the wizard of Oz. In two thousand fifteen a few mid level employees had to gather in a conference room to meet with the wizard of Indian creek island before Lampard's face appeared on the screen a manager rushed into the room with a huge chart pet. He had written three words on the chart. And he said do not say these words one of the words on the chart was consumer apparently Eddie Lampert hates the word consumer, and he prefers that employs refer to customers as members when Eddie appeared on the screen. He was sitting behind a desk at home which had the Sears logo on it. If any of those words were uttered in front of him than the presenters could as what was told to me get shredded by Lampert. He apparently had frequent tirades that had fostered this climate of fear among the companies, most senior managers. According to sources that spoke to me after this tents meeting with Eddie on the screen one executive decided to quit he became one of dozens who've left in recent years. One of the reasons Eddie would flip out over the word consumer why you wanted customers to be called members is that he had become obsessed with a pet project. Shop your way was at his big idea for Sears online business Eddie had stopped investing real money in stores, but he did spend a lot on shop your way, this was his bet that Sears could compete with Amazon. It's a loyalty program that he hoped that he would get all of Sears costumers to sign up for hand over their information. And in that way, he would sort of build up this community this online community of shoppers we had access to all their former purchases and their information sort of like what Amazon's done with Amazon prime and their social networking part of the program where members can see in common on products that their friends have liked or purchased. So it's sort of like. In a Facebook for shopping in that way. Eddie wanted customers to set up profiles and talk about products. I think one of the problems with shop your way is that a lot of Sears customers are from an older demographic and didn't really find a lot of value in an online network like this to anybody use the social network some people did. But when I went on it, and sort of looked at what kind of activity was happening. I saw a lot of Sears executives commenting and being involved in the network. And I heard that Eddie Lampert sort of made it a point to really tell Sears employees like you have to really get involved in shop your way if other people are going to do it. You could go on the site and find one user named ally Wexler leaving reviews in asking questions on various products. Turns out you lie. Wexler was an pasta you I wax. Slur is CNN that Bloomberg reported in two thousand thirteen. Is Lampard himself and in February twenty sixteen Lampert, presumably posting as Wexler clicked on a pair of boxing gloves and posed the question does anybody have these will protect my hands. Since I punch very hard Lampert kept putting money into shop your way and not into Sears stores stores than had fewer and fewer employees at the same time cashiers reforms to try to convert customers into shop your way members. Sometimes the sign ups took so long that long lines would form and at times when you're dealing with labor cuts. There's not somebody else to take another register then then you've got some customers abandoning carts because they can't find anybody to check them out in a timely manner. And so this sort of all contributed to some Sears problems in stores. He really hates those stores doesn't he? I think he maybe pushed Sears to go online. Maybe a few years too early or something because I mean, you had the right idea investing in online, but maybe the equation of investments in stores versus online just wasn't quite right. Or maybe he was a little before his time. And it used to talk about wanting Sears to be what he calls in asset light company, but Sears is not some app. It has a lot of assets big stores inventory brands, like Kenmore craftsman he's publicly compared Sears strategy to Apple's Microsoft's, and he said that Sears trying to meet new customer needs. And has said that it's like Uber. An Amazon tesla on what grounds like what is Sears even in that period having common with apple or Uber. He now, I think you'd have to ask Eddie Lampert that because I don't have a lot of evidence to make that argument for him. Edit used to complain the Sears would get more scrutiny from Wall Street because it's not a tech company. And I just I can't get over the fact that he just never seemed to change course, like even in this situation. Obviously the social network wasn't catching on. But it was also making things even worse than the stores as he just stubborn. I think maybe his idea of asset light organization is a Sears that one day doesn't have. Have any stores at all? And that's maybe where he sees the company surviving, and he couldn't get there fast enough before the company had to declare bankruptcy. I mean, they've closed half their stores more than half their stores in the last five years. Maybe he'll go back to just being a catalog. It's possible. I've been asked you know, what could Sears look like if it emerges from bankruptcy. And in it might look very different than the company that we see today. Eddie ran Sears as it tumbled. But he's also a hedge fund guy. So did he benefit a serious declined? That's in a minute. We're all bound to face unexpected hurdles at work. Don't let finding the right software be one of the with twenty nine thousand nine fast approaching you don't have time for unexpected hurdles to derail you find software for your business fast. With capterra's new free e book, the big book of free software, which you can download for free at capterra dot com slash name. Capterra dot com is the free resource to help you find the software you need for your business with helpful information on over three hundred different software tools. They're big book of free software can help you find a completely free tool to test today, and it's absolutely free. So you won't have to ask your boss for a penny. Whether you're looking for a new project management tool recruiting software or an Email marketing solution capterra's big book of free software has something for you. Visit capterra dot com slash name today to get your free copy of the big book of free software. That's. Tara C A P T E R R A dot com slash name. Capterra dot com slash name. We're back. Eddie Lampert has figured out a way to make gains. Even when Sears loses. All the while. Eddie Lampert was chairman and CEO of Sears. He was still running. The hedge fund that bears his initials ES L. It's really difficult to untangle the web of businesses that Lambert has created that prop up an benefit off of Sears. On the one hand Eddie ESL loaned a lot of money to Sears over the years. Those billions kept the company afloat he also earns a lot of interest from Sears on those loans, and those loans are also backed with Sears as assets and real estate, and it also puts him among the first in line to be paid as a creditor of the company in the event of a bankruptcy. This doesn't necessarily mean that a bankruptcy benefits in more than had sear's turned into a healthy retailer. But it means that he's found ways to gain. No matter what happens to Sears, it gets more complicated at the same time. He's created and spun off Sara digit growth properties and this happened in twenty fifteen Saroj Eddie created Saroj as a real estate investment trust. He orchestrated a plan where Sears would sell Sarah too few hundred of its best stores, and then pay rent salvage also makes money not only off the rent that Sears pays. But over time the whole plan for Sarah Deger. Is that it takes over space in Sears stores? Whether holy outright by the store closing or little bit at a time, meaning Sears will close its second floor and Saroj will put a nother retailer in there. Like a homegoods. Eddie run, Sarah, Tich and Sears. So he could close the Sears store and rented to Zara or a whole foods for four times as much. How is this? Okay. The seems like the biggest conflict of interest I've ever heard. So the time that this deal was created it gave Sears a sort of lifeline. Which is how Eddie Lampert kept this company going for so long because he keeps coming up with these ways of infusing cash into the business at times when everybody thinks it's about to go dead. A spokesman for ESL told us, quote, we have consistently been committed to following transparent procedures that ensure that any transaction with ESL takes place on. Fair and reasonable terms. He added that this kind of real estate arrangement isn't unique to Sarah Dejan, Sears. But this arrangement also meant that some Sears stores that previously never had to pay rent had another expense each month. And that could be the difference between a profit and a loss. A group of shareholders actually sued Lampert, ESL and members of Sears board of directors over the Saroj deal claiming that it stripped, Sears holdings of its best assets to enrich Lampert and his hedge fund. The lawsuit said that the Sears stores were worth far more than two point seven billion dollars in that Lampert by standing on both sides of the transaction stood to benefit regardless. The law suit was later settled for forty million dollars with a defendant saying the settlement was not an admission that the lawsuit's claims were valid a judge said it wasn't clear whether the deal unfairly benefited Lampard, but now the deals are facing new scrutiny from others. So I know he's a hedge fund guy. I, but it sounds like he's literally hedging his own bets here. I think that's pretty astute. I think he really had the intent originally to revive Sears business and really make it a great retailer. But as that looked increasingly uncertain he started looking for other ways to either hedge his bets or just extract value from the company, even if the retail side of it didn't necessarily survive or thrive the way he wanted it to you could argue the Sears wouldn't have survived this long without the cash Eddie an ESL injected into the business. He told Jim Stewart of the New York Times recently that he's taken a big personal hit from Sears this fall and bankruptcy not just in money. But time he said, adding this been an enormous opportunity cost as for whether Eddie Lampert is the sole reason for Sears demise. I think there were a lot of different factors. Putting a lot of pressure on Sears. I don't think that he helped the car. Any by reducing investments in stores at times when they needed it. The most Sears filed for chapter eleven bankruptcy. That means it's reorganizing rather than liquidating like toys arrested when it abruptly shut down after the bankruptcy. Eddie Lampert stepped down as CEO Sears has just about seven hundred stores left down from nearly four thousand at its peak. If more close hundreds of jobs will be lost as we learned that our Macy's episode malls. That lose a Sears can see their own decline, though, healthier malls may be more than ready to replace it with something more exciting like a whole foods. I think there's two sides to the story. I think you could say that Lampert is to blame for the decline of Sears or that. He's the reason why it's stayed alive. This long I think that some people will argue that he stripped the company of its most prized assets. It's real estate. It's brands that had the most value and. All that's left is an ailing retail business. It's been almost unbelievable how he's been able to find all these different ways to plug these holes and find lifelines over and over and over for the company whenever year, there's been speculation that it's going to file for bankruptcy. He has found a way to keep it alive. And so I wouldn't be surprised if he again finds a way to help it emerge from bankruptcy. What have you felt in learn just through all the reporting you've done on Sears over the years. What are you left with? I think a lot of people feel really a lot of nostalgia about the decline of Sears. And they don't wanna see this once great American retailer die. And I think it's been really interesting to learn about how much an American company can really be woven into the lives of so many shoppers so much to the point where they feel so much emotion about seeing this happen. This sort of slow death happened to a brand that they grew up with. Haley Peterson is a senior correspondent here at business insider. It's time now for product misplace mint. This is the part of the show where we get to hear from you about how brands have affected your life. A couple of months ago. We didn't episode about the real Charles Shaab whose name is on the famous two buck Chuck wine at trader Joe's, Caitlyn Harper from Brooklyn New York heard that and sentas her own two buck Chuck story. I got married at the end this timber two thousand twelve we had a city hall marriage has been English. So his work visa was running out over the summer. And he was like if you like want you can marry me and come somewhere in the world where I get a job. And I was like, okay. That's great. So yeah, he got a job in Bank couvert Canada. All my birthday actually at the end of August. So he was like let's get married and go live in Vancouver for however long there, and I was like all right. Great. So we were like I wanna get married. We definitely have party 'cause we're crazy. So I to talk about the party so married September. Yes. Tober how much notice did you give your friends I send like Facebook message basically being like this is going down in two weeks. So we did that my godparents gave us like two hundred and fifty dollars. And I was like, okay. This is the party money. Like, that's all we have for a party. So we had it at an art space that volunteered at. So that was free. I worked at a bakery for really long time, and my old boss made us cupcakes for freeze that was Ida cupcake tree cake. And then I was like all right all this left is food and alcohol. So we did the trader Joe's wine thing. 'cause Charles shawl stuff had been like the two. The buck three buck Chuck has always been like a big deal in our lives. How many bottles did you get with a two hundred and fifty dollar budget? I think we had like forty five or fifty people. I didn't think that we needed like one bottle per person. But we did. So that was intense just walking in and seeing fifty bottles of wine, which again only cost three dollars. So it's not like deal. Everyone had like their own bottle all night like multiple bottles that belong to only them. So there's like pictures and pictures and pictures like no one told him wine glasses everyone's actually holding entire bottles of wine, which is pumping healthy. It was the party like it was awesome. And then we actually had to go back and clean up after the party in the morning 'cause there's going to be yoga their noon because it's this like community space so the entire floor. It was really like nice Honey colored would it was black because so much wine had been spilled on the floor, and like stepped in and I was still in my like cocktail faked wedding dress, and it had ripped all the way up the leg from dancing. So I walked back in the morning with Martin to like actually get down on the ground and like clean the wine off of the floor. And then change I know in my head. I was like the one. That's here's like Morton's close. We were at his apartment probably gonna change in like some of his stuff. But then I was like what's weirder for me like walk around and like, boys basketball shorts or this horrible dress? And this. Outside in the sunlight, I was like the stress stress is worse. But it didn't matter too late. What do you feel thinking back to that night? Real. It was really fun and amazing. I mostly remember the cleaning up aspects because it was so horrific, but like that night was great the whole day of actually made like all the canapes for the event. So I mean like two hundred little like bites and my sister had to like throw me in the shower because it was like six clock. And I was still like filling these canape things that I had handmade all day for my own like marriage party. So I showed up. Yeah. It was like two hundred canapes we had to get one of those little old lady like carts grocery carts and throw the wine in there and bring over four different trips. Have your wind tastes change at all? They have. I'm lot fancier now. Probably more just because more money, and like being more of a foodie and stuff. But I don't think I ever would have like had wine. As a choice like very much like a beer and whisky person. But Pena Griego is still probably my favorite white wine because that is the wind than I always drank from trader Joe's like because it was a little bit sweeter. But not a suite of the reasoning I didn't drink Chardonnay for years 'cause the Charles Shana Chardonnay is not that great. And now, I drink it more often. But yeah, I used to drink like, I only I don't even wanna know how much peanut radio and Charles Shaw Molo like those two always have bottles of my house. Like, oh my God. If you could do your wedding the same way, you did it in twenty twelve would you still have two buck Chuck there? I definitely would very nostalgic person. It's good. There's no reason not to drink it. So I would do it the exact same way. Yeah. Thank you so much. Yeah. Thanks has it brand played an important role in a moment in your life. Tell us your product misplace -ment story, you can record it straight into your phone and then Email household name at business insider dot com or you can call seven. Three one three brands and leave a voicemail with your story. And if you missed it and want to know more about the famous wine Caitlyn's wedding reception checkout our episode about the real Charles Shaw behind two buck, Chuck scroll back for the no buck Chuck episode in your household name feed. And while you're at it. We encourage you to give it listen to some of our other episodes. You may have missed. We have conspiracy theories about mattress firm, an investigation into Starbucks basic pumpkin spice latte and a trip to one of the last blockbusters in the US. Oh, and don't forget to subscribe and leave a five star review. This episode was produced by Amy Paducah and a Mazza rackets and me with Sarah Wyman. Our editor is John Palmer sound design original music by Casey Holford and John Delore executive producers of household. Name. Are Chris Bannon, Laura mayor Jenny rattled and me special. Thanks to kaitlin foster Clancy. Morgan Jen Newin rich felonious Corey proton, Lauren Thompson and CNBC household name. Is it production of insider audio? Stitcher. I'm Stephen dubner post the freakonomics radio. What do you think when I say the word creativity? I think creativity is about making connections. I wanted to study creativity. But I wanted to do it in a way that was different than what most colleges. So we identify creativity is essentially novelty that works can you just have to play these notes. This seems drew, but it just it's not really. So. Sure creativity has become just another corporate buzzword by now. But where would the world be without? We look into the science of creativity. In the midst where it comes from how to get it into your life. We hear from uses like Wynton Marcellus Elvis Costello artists, like I way way and Meyrick Hellman, the novelist. Jennifer, Egan filmmaker Gordon inventors like Jessica Mathews and James Dyson and one of the people behind what may become a massive scientific revolution. As you're actually doing experiments realize, oh, we could do this. We could do this. How to be creative? You can subscribe to freakonomics radio and apple podcasts, Stitcher or every get your podcasts. Thanks for listening.
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Cancer Deaths Have Fallen 27% Since 1991
And. With what's news from the Wall Street Journal. I'm Jay are Whalen in New York. Cancer deaths have declined nearly thirty percent over the past twenty five years shocking was one of the biggest drivers of cancer deaths. Overall for men and for women that's Wall Street Journal health and science reporter, Amy docks or Marcus she'll have specifics in a moment on what has driven deaths down, and what has doctors concerned about the years to come. But first the top stories we're following. It seems any talk of the death of Sears holdings has been greatly exaggerated. Turns out former CEO, and billionaire Edward Lampard still has a chance to keep the retailer alive. The company's Sears bankruptcy lawyer told a US bankruptcy judge on Tuesday that Sears would move forward with a plan. January fourteenth auction that auction is conditioned on Lampard providing one hundred twenty one million dollar deposit by Wednesday afternoon. Lampard's hedge fund on his ESL investments has bid four point four billion dollars to buy the business at of Bank. Crecy and his plan would keep about four hundred and twenty five stores open London's Heathrow airport temporarily halted departing flights late Tuesday after a nearby drone citing the incident comes less than three weeks after multiple drone sightings at nearby Gatwick airport forced the shutdown of its runway off and on for three days disrupting tens of thousands of passengers during the busy holiday travel, period the boom and the sale of small mostly privately owned. Drones has led to increasing incidents of such unmanned aircraft coming close to airports and commercial airliners. Drones have been spotted near flights. Newark LaGuardia and Dubai last month, the FAA announced plans for industry government projects in the US detest airborne densification of drones as smartphone makers, apple and Samsung have warned investors. They would fall short of earnings expectations Reisen expanded its base of wireless phone subscribers in the fourth quarter of two thousand eighteen for Isan said on Tuesday at added. A nit six hundred and fifty thousand new post paid phone connections during the fourth quarter, that's an increase from the net. Two hundred ninety five thousand new phone connections added in the third quarter and Barbie is coming to a theater near you. Mattel plans to create the first live action feature film starring it's icon, toy personality. Mattel says it will work with Warner Brothers picture group to develop the film and kademi award nominee Margot Robbie has been cast to star as Barbie coming up next. The good news and the troubling news behind a reduction in cancer deaths. Deaths from cancer peaked in the early nineties. But they've taken a dramatic turnaround down twenty seven percent over the past quarter century, Wall Street Journal health and science reporter, Amy docs, are Marcus joins us with details. So Amy, this represents two point six million fewer deaths and efforts to reduce smoking are big part of it. Definitely the case. According to this new report from American Cancer Society. Researchers smoking was one of the biggest drivers of cancer deaths overall for men and Bruin. And while this is seen as good news people. You spoke to said there's still a long way to go in terms of preventing deaths. It is good news. People are very happy about it. And they should be because people worked hard to bring awareness of HANA make lifestyle changes to develop new drugs. But there are many people who are still going to die from cancer statistics that they gave. Projections and twenty nineteen are sobering. And they themselves acknowledged that they still wanna make further improvements in these death rates. You know, the authors of the cancer death study said the wall we've seen significant progress in decline in cancer deaths. We could actually see almost two million new cancer diagnoses next year along with six hundred six thousand deaths. Yes, those are staggering and sobering numbers. The other thing that they raised in the report that I think is interesting is that they don't have explanations for some of the reasons why some of that were calendar rates still continue to increase in the report Hudson significant data on cancer deaths among men in women's specifically, which types of cancer affects them, yes. They said that men die in the greatest numbers from lung prostate and colorectal cancer. And they said that women die primarily from lung breast and colorectal cancer. One of the differences. They said is that lung cancer incidence is declining twice as fast in men as women and some of that can reflect some of the historical trends in when women started smoking. But also that there may be sex differences to explain some of the differences in mortality, and they're not explore how to explain all of them. While we have seen a lot of progress obesity is an issue on the horizon in in society today that has researchers very worried when I spoke with the American Cancer Society lead author of the paper she talked about obesity epidemic much like the country used to have tobacco epidemic. When many many people were smoking, and she raised this issue and the investigators in the study, more broadly, raise the issue that obesity, Ken. Be driver in predisposing people too. Great a risk for cancer. And that's something that also needs to be addressed. If we we don't wanna see you another uptick in cancer rates now that they've been succeeded now that they have been succeeding in getting the ways to decline, Amy researchers are still discovering and looking for connections between obesity and cancer. Is that right? That is correct. A number of the people I spoke with about the report said that while we searchers do believe that there is a connection between obesity and cancer more work needs to be done in teasing out. What exactly the connection is? It could be that it's tied to increased estrogen levels, which can be a risk of breast cancer. Another person told me that it's possible that obesity can change kind of the structure of your liver, and that could predispose some people till two liver cancer. They're still trying. To figure out what the connection is seems like a lesson from all this is that many cancer cases can be prevented by being more mindful and careful about our own activities. That's very much. The case I did speak with outside experts who follow the cancer space and many of them raised the issue that you can change your risk rate by changing your lifestyle in the paper. The researchers said that the majority of liver cancer cases, could potentially be prevented to lifestyle changes. And that includes not only not smoking, but also being more physically active losing weight and even getting vaccines of against hepatitis speed. For example, was one that was cited in the paper or that his Wall Street Journal health and signs reporter, Amy Dr Marcus joining us via Skype, Amy thanks so much for being with us. And that's what's news. I'm your Waylon in the newsroom in New York at the Wall Street Journal. Title.
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