Eddie Lampert's hedge fund, ESL, is making a bid to buy the only remaining viable piece of Sears from, well, ESL:
ESL’s proposal valued Kenmore at $400 million, excluding the impact of cash or debt, according to a letter from ESL to a Sears board committee that was filed Tuesday with the Securities and Exchange Commission. A separate proposal valued the Sears Home Services division’s home improvement business at $70 million, with a potential extra $10 million if the company met certain financial benchmarks.
Lampert’s fund’s initial letter offering to buy certain Sears assets and break up the company also included the Sears Home Services Parts Direct business and certain Sears real estate assets. According to the letter, ESL is still considering Parts Direct and plans to work with outside investors on a real estate deal, but wanted to move ahead with the proposal for Kenmore and the home improvement division.
Sears declined to comment.
He murdered Sears and is selling the parts off. Tragic.
Four articles I read late in the day and wanted to spike here:
And now, I will start working.
The New York City subway, with its passive air exchange system and tunnels too small for active ventilation or air conditioning, have gotten excessively hot this summer:
On Thursday, temperatures inside at least one of the busiest stations reached 40°C—nearly 11°C warmer than the high in Central Park.
The Regional Plan Association, an urban planning think tank for the greater metropolitan area, took a thermometer around the system’s 16 busiest stations, plus a few more for good measure, and shared the data with CityLab. A platform at Union Square Station had the 40°C reading at 1 p.m., which was the hottest they found, although Brooklyn Bridge-City Hall and Columbus Circle weren’t far off at 39°C and 38½°C, at around 10 and 11 a.m., respectively. Twelve out of the 16 busiest stops boiled at or over the 32°C mark in the late morning and early afternoon.
One might think that subway stations would offer crisp respite to sweaty New Yorkers, being underground and all. But you’d be wrong. Heat doesn’t only “rise”—it just diffuses to cooler areas, which can include below-ground spaces. Plus, only a few of the city’s 472 stations are equipped with air conditioning; most rely on a passive ventilation system better known for their Marilyn Monroe moments above ground. This system was built in the days before AC, and the MTA says it’s not possible to squeeze the station-cooling machinery that other metro systems have inside New York’s narrow tunnels. Meanwhile, the units that cool passengers inside cars actually shed heat into the stations as trains pass through.
That onboard air-conditioning can fail, too. The MTA has also seen a rising number of complaints about overheated cars in recent years. In today’s issue of Signal Problems, his indispensable newsletter focused on subway accountability, the journalist Aaron Gordon reports that “about two percent of all subway cars in service on any given day might not have working A/C,” according to the MTA. That means at least 100 cars are roasting passengers on any given day this summer.
This problem also bedevils the London Underground.
Meanwhile, here in Chicago, we're having our 73rd day this year above 27°C, just 10 short of the record. Given the normal number of temperatures that warm between now and October, I think we'll probably set a new one.
And the sunlight here looks eerily orange and hazy today, because of climate change-driven wildfires out west.
Welcome to the future.
The Chicago Tribune reported today that the largest craft brewer in the United States is now...AB InBev, AKA Anheuser-Busch:
Between 2011 and 2017, Anheuser-Busch bought 10 breweries from coast to coast, beginning with Chicago’s Goose Island Beer Co. and ending (for now) with Wicked Weed Brewing of Asheville, N.C. In between, it picked up breweries in Oregon (10 Barrel), Virginia (Devils Backbone), Seattle (Elysian), Los Angeles (Golden Road), Houston (Karbach) and the metro areas of Phoenix (Four Peaks), Denver (Breckenridge) and New York City (Blue Point).
Anheuser-Busch’s shopping spree appears to have paid off. Last month, industry newsletter Beer Marketer’s Insights reported that the beer giant has surged past Boston Beer and Sierra Nevada in 2018 to become the nation’s top craft beer company in terms of dollar sales.
To be clear, Anheuser-Busch’s craft beer supremacy exists in one very specific metric at the moment; IRI tracks sales in grocery, big box, drug and convenience stores. When factoring in draft and liquor store sales, Beer Marketer’s Insights estimates that Boston Beer remains ahead of Anheuser-Busch in terms of both volume and dollar sales. But the passing of that torch is all but an inevitability during the next year or so.
However, it’s not all good news for Anheuser-Busch’s craft effort.
Its lead horse, Goose Island, had a rough 2017, and 2018 is proving just as difficult. In early August, the Goose Island portfolio was down double digits across the previous three months....
I've said before, part of craft beer's appeal is that it comes from actual craft breweries. And big beer companies don't actually like craft beer—because they can't compete with them.
So, mazel tov to InBev, but I'm going to stick with Revolution, Dovetail, Begyle, and Empircal, all of which brew within a 10-block radius of my house.
On 8 August 1988, the Chicago Cubs played their first night game at Wrigley Field. The Tribune rounds up memories from people who supported and opposed the installation of lights at the park:
Ryne Sandberg, Cubs second baseman, 1982-1997: Leading up to ’88, the talk within the organization was that lights were necessary to create a schedule more conducive to resting the home team, getting us out of the sun. Before that, with some of those 10-day homestands with all day games (it was) in 90-plus temperatures.
Rick Sutcliffe, Cubs pitcher, 1984-1991: There's nothing better than playing a day game and going home to have dinner with your family. But when you come back from a West Coast trip, and let’s say you had a long game … sometimes we went straight from the airport to the ballpark. It’s really difficult that whole homestand. You just feel wiped out. … I would throw nine innings at Dodger Stadium and might lose anywhere from 2 to 4 pounds. There were times at Wrigley Field during that heat that I lost 10 to 15 pounds. I would love to go start a game to lose 15 right now!
Did lights help the Cubs? Probably; but there's no definitive way to say.
It's the hottest weekend of the year so far. We beat the high temperature on June 30th by half a degree (35.6°C v 36.1°C) yesterday, and so far today we've hovered around 32°C for the past four hours. So, naturally, I walked about 5 km earlier today to check out some open houses.
I'm ready for fall. Just as soon as I take my second shower of the day...
When I get home tonight, I'll need to read these (and so should you):
And now, I'm off to the Art Institute.
Happy August! (Wait, where did April go?)
As I munch on my salad at my desk today, I'm reading these stories:
And finally, a bit of good news out of Half Moon Bay, Calif. The corporate owner of the local paper told them they had to shut down, so a group of townspeople formed a California benefit corporation to buy the paper out.
Aimee Mann performed last night at Pritzker Pavilion in Chicago's Millennium Park—for free! So naturally I went.
The weather couldn't have been better, so the picnic area was totally full. Which meant that the pavilion itself had plenty of seats. Which meant I got to see her directly rather than just projected on a big screen.
Just for posterity, here's her set list:
- 4th of July
- Little Bombs
- Patient Zero
- The Moth
- Humpty Dumpty
- You Can't Help Me
- You Never Loved Me
- Goose Snow Cone (which, she explained, really is about her cat)
- Save Me
- Going Through the Motions
- Borrowing Time
- Long Shot
- Encore: One
- Encore: Wise Up
- Encore: Voices Carry
I love Aimee Mann's songs. I am conscious, however, that when her songs become my life's soundtrack, things are seriously out of joint. Sample lyric, from "Long Shot," which opened her 1996 album I'm With Stupid: "You fucked it up / You should have quit / Til circumstances / Had changed a bit." Or from "Save Me:" "You look like / A perfect fit / For a girl in need of / A tourniquet."
Seriously good, but seriously unhappy.
But totally worth the ticket price, I must say. And now I need to download Mental Illness, her last album.
On this day in 1850, Chicago had its first (sort-of) professional opera performance. It wasn't exactly up to the Lyric's standards:
In New York, P.T. Barnum was paying Jenny Lind—“The Swedish Nightingale”—$1,000 a night to perform. Chicago’s first opera didn’t have Jenny Lind. But the local promoters were crafty enough to choose one of her biggest hits for their first show, at Rice’s Theatre. The opera was Bellini’s La Sonnambula.
Four singers are not enough for an opera. So the Chicago cast was filled out with local amateurs. A few of them had good voices, most of them didn’t. Rehearsals were—I think “confused” is a good word to describe them.
Just like in one of those bad old Hollywood movies, the show had problems. The audience kept applauding at the wrong time—whenever one of the hometown amateurs showed up on stage, his friends in the audience would stand up and cheer. Meanwhile, one of the extras named J.H. McVicker sang so loudly he drowned out everybody else.
It helps to remember that 18 years after the city's founding, it more resembled a frontier town than the international metropolis it became in the 20th century. Still, it sounds like a fun show.
And then the theater burned down the next day...