Sears 'Legacy' Cuts Could Signal Shift

	Jim Cramer The Street.com
Try it 30 Days Free -- Top Market Analysis and Investing and Trading Ideas from over 35 of Wall Street's Best Minds including portfolio managers, traders and journalists.

High legacy costs that have plagued the airline and steel industries will infect retail and auto as well.

We might have to start valuing these old-line companies a lot differently than either you or I thought possible when it comes to legacy costs. This morning's announcement that Sears is unilaterally changing the benefit package for retirees under 65 tells me that we might be able to stop thinking about a world in which there are inalienable benefits offered by companies.

When I look at a Kodak or a Lucent or a Sears, I always think that they can't compete with a Fuji or a Chinese telecom equipment player or a Wal-Mart because they have such huge legacy costs.

But what if those legacy costs just got obliterated by new management? What if...

Click here to continue reading this article (ask questions) and receive 30 days FREE to all of TheStreet.com RealMoney, which features top market analysis and investing and trading ideas from over 40 of Wall Street's Best Minds including portfolio managers, traders and journalists.

Jim Cramer will be available to take your questions until Thursday, September 29. Please use the form below to submit your questions.