I was surprised they still had 40 stores left to close.
I have zero doubt that business schools these days espouse the glory and PROFIT! of pure vulture capitalism, with Eddie “Lamprey” Lampert’s portrait prominently featured.
He should be drained of money into he’s as poor as the poorest employee that got laid off.
Of course he is that scumbag. That was his plan all along.
Yeah, it was the plan all along, or at least the expected exit hatch when things went south.
Oh, laid off workers? Sorry, can’t help.
Executives though? Well…Another story!
My understanding is that the logic behind this is that a company going through bankruptcy has an incredibly hard time keeping executives needed to wind down/recover and that this isn’t a Sears-specific thing. In comparison, the line employees are not critical for such operations.
Whether these execs are truly essential, I don’t know, but I can imagine that they could potentially be essential and that they would, in fact, be very hard to retain otherwise. Heck, given Sears’s last few years, I can imagine they’ve had a really hard time attracting talent.
I mean everyone acts surprised. The CEO - and majority shareholder - bought high when he picked up Sears and looked like he was going to have to sell low; instead he decided to extract every dollar possible while running it to the ground on the smallest possible budget.
All that “he’s a believer in Ayn Rand” stuff is just the distraction of short term thinking, imo. I don’t care what he said or says but what he did, because it was still publically traded and he isn’t going to announce “hey everybody i’m going to run it into the ground and make your stock worthless so i can extract all the money i can to pay off my initial investment” either to Sears management or some journalist. But that was his plan a decade ago when he (imo in his mind) decided it was more certain to get his money back sinking Sears than trying to rebuild and compete with Amazon et al. Frankly that story a while ago that he set departments against themselves literally sounds like a guy trying to burn the company up from within. Let the peasants eat cake and think i’m a crazy Libertarian, basically.
The destruction of Sears is 100% the story of a predatory investor that picked up a massive merchandiser weakened by modern shifts in the business climate, and who when he saw his massive investment threatened, decided to lean into that weakness in order to liquidate the company and convert the companies massive retail space into cash he could recover.