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Sears CEO Steps Down, But That’s Only the Beginning of the Bad News

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Sears Holdings Corporation has apparently filed for Chapter 11 bankruptcy on Monday, announcing that CEO Ed Lambert would be resigning from his post in order to aid the restructuring process.

This is pretty sad news as Sears is practically an American institution. There’s little doubt that the changing tide of commerce from brick-and-mortar stores to online shopping has had a huge role in the company’s decline, however, it seems a large part of the blame rests on the retailer itself.

The company issued a statement confirming that it has filed voluntary petitions for bankruptcy relief in an effort to “continue streamlining its operating model and grow profitability for the long term.”

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CEO Ed Lambert has also resigned his post to allow a team of executives to take over day-to-day operations, and restructuring expert Mohsin Meghji will lead the firm’s transition into Chapter 11.

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Lambert will still remain chairman of the board, as the company’s largest investor and creditor, but a new independent director, William Transier, has been appointed due to his expertise in overseeing complex capital reorganizations.

While the company said its Sears and Kmart stores will continue to operate as usual, another 142 unprofitable locations will be shuttered by the end of 2018.

Analysts have been speculating for quite some time that the Sears company was not doing very well, and for good reason. Over the last decade, the firm has shutdown hundreds of stores and is more than $5.6 billion in debt. Its stock price has fallen so low they’ve had to sell off several major brands just to keep things afloat.

While it seems Lambert has an optimistic view of the restructuring process, many other experts are not feeling so upbeat. Neil Saunders, a man who doesn’t hold back the nitty gritty reality of a given situation, stated that “the problem in Sears’ case is that it is a poor retailer. Put bluntly, it has failed on every facet of retailing from assortment to service to merchandise to basic shop-keeping standards.”

“That failure has manifested itself in lost customers, lost market share, and a brand that has become tarnished and increasingly irrelevant,” Saunders finished.

Here’s to hoping that Sears will take such criticism seriously, learn from their mistakes, and manage to turn the ship around before it’s too late.

Source: TheBlaze

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DOJ Making Moves To Break Up Google, Calling It The ‘Most Important Antitrust Case In A Generation’

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The Department of Justice is moving to file an antitrust lawsuit against Big Tech company Google on Tuesday after a very thorough investigation was launched into the company over alleged monopolistic behavior. This lawsuit will allege that Google has been engaging in practices deemed to be “anticompetitive” in order to help insulate and protect its search and search-advertising businesses, according to a source from the Justice Department. via Daily Wire: Google has frozen out competitors through contracts between the tech giant and browsers, carriers, and mobile phone manufacturers that give Google such prime standing as the default search engine across a variety of platforms as to bar any competitors from beginning to compete with the tech giant. Googles search queries make up roughly 80% of all those in the U.S. Google has argued in the past that billions of people choosing to use its product every day is evidence of the company’s competitive edge, not monopolistic behavior. The legal battle between the tech giant and the U.S. government is likely to span years. The lawsuit follows an investigation into the company that lasted for more than a year and took place in a wider investigation into Silicon Valley tech giants for alleged anticompetitive practices. The president himself has been among the most ardent voices speaking out about the monopolistic behavior of tech companies like Google, Facebook, and Twitter, as well as drawing attention to their censorship of conservative views. Some of Trump’s most loyal supporters, like Sen. Josh Hawley, were very pleased to hear about the lawsuit. “Today’s lawsuit is the most important antitrust case in a generation. Google and its fellow Big Tech monopolists exercise unprecedented power over the lives of ordinary Americans, controlling everything from the news we read to the security of our most personal information,” the…

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Trump Tells Barr To ‘Act Fast’ And ‘Appoint Somebody’ To Look Into Hunter Biden Business Dealings

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President Donald Trump told Attorney General William Barr on Tuesday that he needs to “act” and “appoint somebody” to start digging into Hunter Biden’s rather shady business dealings. The urging comes after almost a dozen GOP House members have been suggesting the president tap a special counsel to launch an investigation into all of the alleged documentation and information that was recently pulled from a water damaged laptop believed to have belonged to the younger Biden. The president mentioned all of this during an interview on “Fox & Friends” Tuesday morning where he slammed Joe Biden and his son saying he “walked around like a vacuum.” via Fox News: “This is the laptop from hell,” Trump said. “Even if he didn’t get all of this money, you can’t go to China and have the son walk out with $1.5 billion. … You can’t go to Ukraine with $83,000 a month. … You can’t get $3.5 million from the mayor of Moscow’s wife.” “And you didn’t have a job before your father was vice president,” Trump continued. “You can’t go and go with your father and every stop you make, you pick up $1 billion.” He added: “The vice president got a kickback, and everybody knows it, and they’ve known it a long time.” One of the emails that supposedly belongs to Hunter Biden, which was obtained by Fox News, is dated for May 13, 2017, and includes talk of “renumeration packages” for six different individuals involved in a business deal with a Chinese energy company. According to the message, Hunter Biden is the “Chair/Vice Chair depending on an agreement with CEFC,” which was a reference to the now-bankrupt CEFC China Energy Company. That same message also contains a note that says “Hunter has some office expectations he will elaborate.” There’s…

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