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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.”

Trending: BLM Goes Into Target, Demands the Store Stop Calling Police On Black Shoplifters (Videos)

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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Minority Owners Of Washington Redskins Looking To Sell Stake In Team

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Three individual minority owners of the Washington Redskins professional football team are looking to sell off their shares in the team amid controversy over the team’s name. Again. Yes, it seems the Redskins are forever caught in a loop of having to defend their team name from the gaggle of social justice warriors running around the nation screaming and crying about faux systemic racism and crusading for causes like renaming sports teams in order to make themselves feel important and like they have a purpose. Here’s more on this from The Washington Examiner: Businessmen Robert Rothman, Dwight Schar, and Frederick Smith have hired an investment banking firm to conduct the search for potential buyers, which, according to one unnamed source, was happening because they are “not happy being a partner” of majority owner Daniel Snyder, the Washington Post reported. ProFootballTalk first reported that Schar and Smith were trying to sell their share of the team on Sunday. Rothman is chairman and CEO of Black Diamond Capital, a private investment company; Schar is chairman of NVR Inc., one of the largest homebuilder companies in the country; and Smith is the chairman, president, and CEO of FedEx, which has a long-standing partnership with the football franchise. Together, they account for about 40% of the team’s ownership. The remaining stake rests with Snyder, his mother, and his sister. The organization said on Friday that it will conduct a “thorough review” of the team’s name amid new demands that it stops referring to the team as the Redskins, which critics view as being racist and insensitive to Native Americans. Snyder released a statement last Friday saying, “This process allows the team to take into account not only the proud tradition and history of the franchise but also input from our alumni, the organization, sponsors,…

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Good News For Trump: SCOTUS Issues Ruling Against ‘Faithless’ Electors

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The Supreme Court ruled against “faithless electors,” allowing states to require presidential electors to vote for the candidates they are committed to, which is good news for President Trump just ahead of what is sure to be a very tight contest come November. Essentially, this means that electors can’t rebel and refuse to cast their votes for the candidate who won the state, therefore, if Trump wins a state, he gets all of the votes without worrying about losing any. The ruling strips a tool of dissension out of the hands of the left who aren’t above using any and every strategy at their disposal to stop him from having a second term. Here’s more on this from The Washington Examiner: The 538 members of the Electoral College are chosen based on the presidential vote in each state, and they, in turn, elect the president of the United States. States can require these electors to vote for the statewide winner or otherwise follow state laws, the court ruled. Justices decided against four 2016 Electoral College electors seeking to overturn state laws binding them to the presidential nominee to whom they are pledged. In that race, a record seven electors didn’t back the candidate to which they were pledged. A total of 10 electors rebelled last cycle, and seven of those votes counted toward the final tally. The overall results were 304 for Donald Trump, 227 for Democratic nominee Hillary Clinton, and others seven, instead of Trump 306 to Clinton 232. Four “faithless electors,” one from Colorado and another three from Washington, presented their oral arguments to the Supreme Court last month challenging the laws in 32 states and the District of Columbia. This is a good thing. Whoever wins a state should be entitled to those Electoral College votes. Period.…

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