Please disable your Ad Blocker to better interact with this website.

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: WATCH: Ocasio-Cortez Speaks At Town Hall, Gets Heckled In Her Own District (Video)

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

Do you think Democrats will push out Representative Ilhan Omar over her anti-Semitism?

  • Do you think Democrats will push out Representative Ilhan Omar over her anti-Semitism?  

  • 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, vulgarity, profanity, all caps, or discourteous behavior. Thank you for partnering with us to maintain a courteous and useful public environment where we can engage in reasonable discourse.

News

Beto’s Bizarre and “Witchy” Rituals are Dumbfounding Democrats

Let’s not overlook the fact that O’Rourke also subjected his family to his esoteric gibberish as well.

Published

on

Beto O'Rourke

The behavior of Beto O’Rourke would the prime fodder for the writers over at Saturday Night Live, if they were ever inclined to take a shot at a liberal politician. No, the folks over at NBC likely won’t be talking about Beto O’Rourke’s whimsical mysticism, or the fact that he believed that eating magical dirt would give him superpowers. That second bit, while certainly a striking and piercing accusation, is absolutely true. O’Rourke, who came up short in his bid to unseat Sen. Cruz, R-Texas, despite raising $80 million for the Senate push, told the story of his earthy snack in a sprawling 3,000-word profile published by The Washington Post. “In January, Beto hit the road, much as his father had done before him, and drew energy from the people he met, and — on one stop in New Mexico he didn’t write about in his blog — by eating New Mexican dirt said to have regenerative powers,” the profile reads. “He brought some home for the family to eat, too.” This shamanic nonsense comes to us just days after O’Rourke’s sprawling interview in Vanity Fair had the 2020 democratic candidate discussing how politics are his “destiny”, and how he was “born to” run for President. Beto’s latest tirade came at the expense of the electoral college – a system of voting that the democrats are increasingly looking to alter. “I think there’s a lot to that. Because you had an election in 2016 where the loser got 3 million more votes than the victor,” O’Rourke said in a video posted online on Tuesday. “It puts some states out of play altogether, they don’t feel like their votes really count. “If we really want everyone to vote, to give them every reason to vote, we have to make sure their…

Continue Reading

News

Ditching the Electoral College is Popular Among Dems…Here’s Why

If you think this is a good idea, you should speak with folks in Northern California and Upstate New York…

Published

on

electoral college

Of all of the issues that we expected to see arise during the run-up to the 2020 presidential election, one may easily carry with it the most weight. That idea is the abolishment of the electoral college; the system of voting that our nation has utilized since 1804.  Sure, the process can be a bit tedious and tumultuous at times, but, as the President himself explained, there is a very real purpose for this convolution. https://twitter.com/realDonaldTrump/status/1108187855954870272 https://twitter.com/realDonaldTrump/status/1108190837257764864 The Commander in Chief makes a great point here, and it’s one that the people of Northern California and Upstate New York can attest to well. You see, in those states, the popular vote is used for a number of ballot initiatives and general public decision making.  In both of those states, the liberal population hubs of The Big Apple and the beaches of Southern California completely overwhelms the rest of the state’s far more rural and conservative population.  This means that, proportionally, a tiny fraction of the state is lording over the greater mass of the state on all matters. To some, it sounds a bit like a King in his castle, looking out amongst the vast expanses of farmland in serfdom. For others, the issue is not just the idea of taking away a well-established, tuned, and tested system for voting, but rather the appearance that this move, combined with other liberal pipe dreams, is all due to their poor sportsmanship at the end of the 2016 contest. President Trump had a tweet for that, too. https://twitter.com/realDonaldTrump/status/1108217768187449344

Continue Reading

Latest Articles

Best of the Week

Send this to a friend