![]() ![]() Since its merger with Kmart in 2005, Sears has since spun off Lands' End, sold the Craftsman tool brand to Stanley Black & Decker and closed hundreds of stores, roughly 250 of which were put into a real estate investment trust offshoot known as Seritage. Consumers fundamentally changed their behavior, becoming more price sensitive, doing more research and shopping online, and the shift away from the mall sped up. "We intend to build on the historic strengths of both, while overcoming some of the more recent weaknesses," he said at the time.īut Lampert told CNBC earlier this month that the company had a difficult time clawing its way back, especially in the wake of the Great Recession. Lampert's vision, as described in a chairman's letter in 2005, was to create a "performance-oriented" company. I've tried to make sure that the stores we operate are profitable." Target walked away from Canada," he said. ![]() Sycamore has walked away from certain businesses. "Leonard Green walked away from Sports Authority. Some applauded him for his efforts during a Q&A session.Īfter the meeting, Lampert spoke with CNBC and made it clear he wasn't ready to leave Sears just yet. A crowd of roughly 70 shareholders and a smattering of employees sat engaged as he spoke. This was the theme of the company's latest shareholder meeting, where he highlighted the fact that Sears was able to eek out a profit during the latest quarter. It's been strapped for cash and grappling with mounting liabilities, with much of Wall Street and other industry experts convinced there's no hope of a turnaround in sight.įrom this point, Sears CEO Eddie Lampert envisions a much smaller business and his goal is still to get back to profitability. The declining market capitalization reflects the stress the retailer is under. Sears shares hit an all-time high of $195.18 in April 2007, but currently trade under $4 apiece. ![]()
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