News   Nov 20, 2019
 126     0 
News   Nov 20, 2019
 277     0 
News   Nov 20, 2019
 1.2K     0 

Sears Canada (1952-2017)

  • Thread starter CanadianNational
  • Start date

AlvinofDiaspar

Moderator
Member Bio
Joined
Apr 22, 2007
Messages
26,392
Reaction score
13,506
Location
Toronto
From the Star:

Eddie Lampert on the retailer’s woes: ‘I deeply regret the failure of Sears Canada’

“I know on a very personal level what it’s like to have somebody depend on a company to provide for her family. I know what it’s like to have a parent who has to live with the uncertainty of whether or not they are going to keep their job in order to pay their bills, because after my father died when I was 14, my mother worked at Saks Fifth Avenue for 20 years.
Well, Saks was still around, boo hoo.

AoD
 

Admiral Beez

Senior Member
Member Bio
Joined
Apr 28, 2007
Messages
7,512
Reaction score
1,720
I visited Sears in Myrtle Beach, SC last week, as my wife had a gift card from a previous visit years ago, and now was time to spend it before the place closed. Place was dead, so I wandered into the tired and empty tool section. Almost bought a Dremel when I scanned the barcode and found it for 30% less at Home Depot. I decided on a Craftsman torque wrench that was on sale.
 

Skeezix

Senior Member
Member Bio
Joined
Apr 25, 2007
Messages
4,343
Reaction score
2,669
Location
East of this, west of that
Last edited:

Skeezix

Senior Member
Member Bio
Joined
Apr 25, 2007
Messages
4,343
Reaction score
2,669
Location
East of this, west of that
Eddie continues to strip assets from Sears in the U.S., diverting properties to a new corporation in sweetheart deals. Looks like Sears employees and pensioners in the States will soon find themselves in the same position as their counterparts in Canada - faced with a bankrupt shell of a company, after Eddie has vacuumed up all the cash.

As Sears Withers, Its Former Stores Fuel a New Fortune
Michael Corkery, The New York Times, 28 August 2018
 

Amare

Senior Member
Member Bio
Joined
Feb 4, 2015
Messages
2,341
Reaction score
1,848
Location
Toronto
The whole situation is just a sad, sad story and it's amazing how one man (Uncle Eddice/America's Worst CEO) was singlehandedly responsible for the demise of an empire.

Here is an interesting pictorial of how he has been prepping himself to benefit from the impending collapse of his company. How he gets through scott-free from U.S regulators for all of his blatant financial maneuvering to strip a company dry to the point of benefiting himself is really incredible. This goes way beyond "corporate greed", it's outright manipulation of shareholder investment in a company.

upload_2018-10-15_11-42-42.png
 

Attachments

AlvinofDiaspar

Moderator
Member Bio
Joined
Apr 22, 2007
Messages
26,392
Reaction score
13,506
Location
Toronto
Eddie Lampert should be drawn and quartered by the SEC for what he's done. It essentially boils down to the blatant theft of shareholders.
Do it to his assets, the Sears-way piece by piece, until he had to go by what retired front-line Sears employees have to live off would be my notion of justice.

AoD
 

Amare

Senior Member
Member Bio
Joined
Feb 4, 2015
Messages
2,341
Reaction score
1,848
Location
Toronto
Eddie Lampert should be drawn and quartered by the SEC for what he's done. It essentially boils down to the blatant theft of shareholders.
They seem to be more interested in Elon Musk and his tweets at the moment. At the SEC, that kind of stuff takes far more precedence over messing with the lives of tens of thousands of employees and shareholders through financial manipulation.
 

Admiral Beez

Senior Member
Member Bio
Joined
Apr 28, 2007
Messages
7,512
Reaction score
1,720
The new Sears might end up being something like a combination of Consumers Distributing and Amazon.
Which is what it should have done ten years ago. Ditch the malls, become Lands End on a grander scale, push Kenmore, Craftsman, Die-Hard and other brands online. And do something with Zellers.
 

Top