Connect with us

News

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

Published

on

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.”

Trending: AOC Doesn’t Realize She Just Gave Trump A Ringing Endorsement, & It’s All About the Economy

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.

take our poll - story continues below

Have smartphones made the world better or worse?

  • Have smartphones made the world better or worse?  

  • This field is for validation purposes and should be left unchanged.
Completing this poll grants you access to Flag And Cross updates free of charge. You may opt out at anytime. You also agree to this site's Privacy Policy and Terms of Use.

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

 

Join the conversation!

We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spam, instead of replying to it please hover over that comment, click the ∨ icon, and mark it as spam. Thank you for partnering with us to maintain fruitful conversation.

News

‘Trump 2020’ Banner Gets High School Cheerleaders Placed On Probation (Details)

Thanks, Obama!

John Salvatore

Published

on

High school has to be tough for kids these days. Well, for kids who lean conservative. For liberal kids, life is a breeze. Just slam President Trump and the Republican Party and you’re golden. Check out what recently happened in North Carolina… From Daily Wire: On Monday, cheerleaders from a North Carolina high school were put on probation for the remainder of the football season for posing with a Trump 2020 banner before a football game on August 30. The North Stanly High School cheerleading squad was placed on probation by the #NCHSAA for posing with a #Trump banner before a game. Officials say all #NC schools have a policy against displaying political signs. https://twitter.com/WCCBCharlotte/status/1173982479574851584?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1173982479574851584&ref_url=https%3A%2F%2Fwww.dailywire.com%2Fnews%2F51878%2Fhigh-school-cheerleaders-put-probation-posing-hank-berrien Here’s the photo: The photo was posted on Facebook, prompting some commenters to take issue; one wrote, “Why in the world would the school board allow this to happen. I am sad and very disappointed with NS. This is a High School football game, not a political rally. Shame on them,” as The Daily Mail noted. NCHSAA Commissioner Que Tucker told McClatchy news group that probation is not punishment, but rather, “It serves as a notice of behavior or action that is against NCHSAA Handbook Policy or contrary to expectations of sportsmanship and proper behavior,” according to the Charlotte Observer. She also said, “One of the rules we have is that every contest should be conducted in a wholesome, athletic environment. We take that to mean that it’s in an environment where good sportsmanship is shown, where people feel safe…that respect for all people participating is being shown,” according to thesnaponline. Billionaire vs. billionaire in 2020? If it were up to HBO’s Bill Maher, the answer would be yes. Maher thinks the only person who can defeat President Trump in 2020 is none other than…

Continue Reading

News

MSNBC’s Joy Reid Argues That ‘Wealthy, White Christians’ Will Use Apartheid Tactics to Keep Power

Such a good Democrat, isn’t she?

John Salvatore

Published

on

MSNBC’s Joy Reid is a trip. Then again, she’s simply being a good Democrat. President Trump recently blasted the far-left TV host for being a far-left TV host…and he went IN! LOOK: Who the hell is Joy-Ann Reid? Never met her, she knows ZERO about me, has NO talent, and truly doesn’t have the “it” factor needed for success in showbiz. Had a bad reputation, and now works for the Comcast/NBC losers making up phony stories about me. Low Ratings. Fake News! https://twitter.com/realDonaldTrump/status/1172858577951821825?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1172858577951821825&ref_url=https%3A%2F%2Fwww.washingtonexaminer.com%2Fnews%2Fjoy-reid-claims-wealthy-white-christian-americans-will-implement-apartheid-tactics And here comes Ried with the blabbering nonsense… From Washington Examiner: MSNBC host Joy Reid warned at an event for the American Federation of Teachers union that white Christian Americans will cling to power with tactics that echo South African apartheid. Reid said, “No country is an eternal democracy. Democracy is extremely fragile, and multiracial democracy is so fragile, we’re practically the only one that’s pulled it off. This is a very difficult thing to maintain. And when you have a very determined minority, in this case wealthy white men and wealthy, white Christian men and Christian Americans who are of the fundamentalist variety, who are very clear that no matter what happens, if they have to pull the South Africa model to maintain power forever, they will do it. And they’re not afraid of it, and they’re increasingly open about it, and Donald Trump is merely the avatar for this. He didn’t create it, he simply benefited from it.” She added, “And I think the sooner that the majority, the actual numerical majority in this country figures that out and stop treating these elections as just foregone conclusions that you can fix it with just a simple election and that it will be free and fair, the sooner that we will wake up and actually have…

Continue Reading

Latest Articles

Best of the Week

Send this to a friend