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: Video: Biden Says Drunk Driving Is Not A Felony for Undocumented, Won’t Deport Because of It

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

Will you be watching the impeachment hearings?

  • Will you be watching the impeachment hearings?  

  • 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

Save conservative media!

 

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

President Trump Tells 2020 Dems Bloomberg Won’t Help Them If He Isn’t Nominee

Published

on

President Trump has been sparring back and forth with current Democratic presidential candidate Mike Bloomberg on social media, which is nothing new to those familiar with how the current world of politics works. However, what’s made this little spat so interesting is the fact that Trump has issued a warning to the other candidates vying for the Democratic Party nomination, saying that if Bloomberg doesn’t get the nomination he won’t use his money to help support whoever does become the nominee. Here’s more from Fox News: Taking aim at the former New York City mayor, Trump tweeted on Thursday morning that “Mini Mike Bloomberg is playing poker with his foolhardy and unsuspecting Democrat rivals. He says that if he loses (he really means when!) in the primaries, he will spend money helping whoever the Democrat nominee is. By doing this, he figures, they won’t hit him as hard….during his hopeless ‘presidential’ campaign. They will remain silent!” https://twitter.com/realDonaldTrump/status/1220336691539599361 The president then claimed: “The fact is, when Mini losses, he will be spending very little of his money on these ‘clowns’ because he will consider himself to be the biggest clown of them all — and he will be right!” This prediction by Trump would appear to fly in the face of plans by an allied Bloomberg group to spend millions attacking Trump over the airwaves regardless of whether Bloomberg wins. Bloomberg wasted no time shooting back: https://twitter.com/MikeBloomberg/status/1220345042650509312 Bloomberg has said time and time again that he will back whoever the eventual nominee is if it isn’t him, but whether that actually happens is something we’ll just have to wait to see. Trump knows what he’s doing politically, and there’s probably a good chance he’s right on this one. It will be an interesting primary for sure.

Continue Reading

News

VP Mike Pence Urges World Leaders To Stand Against Iran And Confront Anti-Semitism On Global Scale

Published

on

Anti-Semitism has been enjoying a disturbing comeback in modern day society as of late, thanks in large part to the anti-Israel sentiment being spread by folks in powerful cultural and governmental positions. The increase of attacks against Jews has even turned deadly with many becoming the victims of deadly shootings and hate crimes in New York City and elsewhere. In light of this, Vice President Mike Pence has urged global leaders to take on anti-Semitism and stand against the Israel hating nation of Iran. Here’s more on that from The Washington Examiner: Speaking in Jerusalem at the World Holocaust Remembrance Center to commemorate the 75th anniversary of the liberation of Auschwitz on Thursday, Pence said the stories and legacy of those killed in the Holocaust must not be forgotten. “We gather to fulfill the solemn obligation, an obligation of remembrance, to never allow the memory of those who died in the Holocaust to be forgotten by anyone anywhere in the world,” he said. “Today, we remember what happens when the powerless cry for help and the powerful refuse to answer.” The vice president went on to pay homage to the survivors of the Holocaust “who all these years have borne witness to that evil and have served mankind by their example.” He also drew upon the legacy of those who fought against Nazism and anti-Semitism during World War II. “We must be prepared to stand as they did against the wave of their times. We must be prepared to confront and expose the vile tide of anti-Semitism that is fueling hate and violence across the world, and we must stand together,” he said. Leaders from more than 40 nations attended the speech, which Pence took as an opportunity to encourage them to stand against the Iranian regime, calling it “the…

Continue Reading

Latest Articles

Best of the Week

Send this to a friend