What's killing Sears? Its own retirees, the CEO says

[Locrian]

45. f-ing parasite eddie killed sears

Sears' CEO blames the media for company's decline — but his obsession with Wall Street set it up for failure

https://www.businessinsider.com/how-eddie-lampert-set-sears-up-to-fail-2017-5

* 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.


When Sears was flush with cash, this took the form of billions of dollars of share repurchases, even as the stores suffered years of underinvestment. Repurchases, or buybacks, are common among cash-rich companies, but also derided in some corners as a waste of a company's resources as they only serve to create the appearance of improving earnings.

"Eddie has orchestrated for himself, and for the benefit of shareholders, the most protracted liquidation in history," Tawil said in an interview with Business Insider.