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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.

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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Trump 2020 Campaign Fires McGhan’s Law Firm

Turnover is nothing new for the Trump White House.

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One of the key players identified in the pages of the Mueller report is Don McGhan, former counsel to the President. McGhan’s name hasn’t previously been this far into the forefront, but a revelation from within Robert Mueller’s inconclusive dissertation regarding possible obstruction of justice by the President has made him nearly a household name. McGhan’s infamy arises from a passage in the report detailing his reaction to a question by President Trump regarding possible conflicts of interest that Robert Mueller and his team may have had. After McGhan’s insubordination became public knowledge with the release of Mueller’s epic tome, President Trump’s 2020 campaign team have decided to no longer retain legal services from his firm. The Trump campaign has hired its own in-house attorney for its 2020 reelection bid — shifting future business away from Jones Day, the law firm, that has represented Trump since his first run for president. Campaign officials and advisers cast the decision to hire Nathan Groth — a former lawyer for the Republican National Committee and Wisconsin Gov. Scott Walker — as a money-saving move, supported by the businessman-turned-president who loves to cut costs. Here’s the kicker… But close Trump advisers say the decision also stems from disappointment with the White House’s former top attorney and current Jones Day partner, Don McGahn, whose behavior has irked the president and some of his family members. This certainly won’t surprise many within Trump’s inner circle, as his administration has been rife with turnover during the 2+ years since the President was inaugurated.

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Trump Approval Numbers are SHOCKING After Mueller Report Release

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National Emergency

The mainstream media’s nonstop speculation on the meaning of the Mueller report has certainly had an impact on the psyche of the nation. For two days, (that feel like an eternity), the infotainment industry has been parsing nearly every word from within the 400+ page report compiled by Robert Mueller in his role as Special Counsel. While Mueller was unable to charge the President with a crime, the mainstream media is now clinging to hope that congressional democrats will keep the fight alive….somehow. This cacophony of progressive nonsense has manifested itself in President Trump’s approval ratings. The number of Americans who approve of President Donald Trump dropped by 3 percentage points to the lowest level of the year following the release of a special counsel report detailing Russian interference in the last U.S. presidential election, according to an exclusive Reuters/Ipsos public opinion poll. The poll, conducted Thursday afternoon to Friday morning, is the first national survey to measure the response from the American public after the U.S. Justice Department released Special Counsel Robert Mueller’s 448-page report that recounted numerous occasions in which Trump may have interfered with the investigation. Where does Trump stand? According to the poll, 37 percent of adults in the United States approved of Trump’s performance in office, down from 40 percent in a similar poll conducted on April 15 and matching the lowest level of the year. That is also down from 43 percent in a poll conducted shortly after U.S. Attorney General William Barr circulated a summary of the report in March. The President has communicated his displeasure at the continued grievance of the democrats via Twitter, where he has lashed out several times since the release of the Mueller report.  

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