Sears’ CEO blames the media for company’s decline — but his obsession with Wall Street set it up for failure (SHLD)
|05/21/2017||Posted by BusinessMediaguide.Com under General World News||
- Sears Holdings spent $5.8 billion buying back shares from 2005 to 2010, draining the company of resources.
- CEO Eddie Lampert defended the buybacks as the most efficient use of capital, arguing that investment in stores wasn’t necessary.
- The company — considered the most vulnerable publicly traded retailer — is now selling off assets to stay afloat.
Sears has survived two world wars and the Great Depression. But after a decade under the control of a former Goldman Sachs executive turned hedge fund manager, the 124-year-old retailer is imploding.
Sales have been cut in half since 2009, and the company is burning through cash, closing read more >>>