Yes. I've been following this for years. Everyone just kept pointing to Amazon saying, "It's not the CEO it's just the state of retail." In numerous cases willfully or just naively ignoring what Lampert was doing the whole time.
Headline on CNBC is less sensational, and includes "theft" in quotes.
The attribution "Sears" is also interesting, and equates to (I think) "Sears’ unsecured creditors". The claim that "Lampert was the cause of... Sears’ downfall" is a little wild-eyed, considering he "saved the retailer from complete liquidation" in 2004. In other words, Lampert ran the PE playbook, stripped Sears of its remaining value, and left creditors holding the bag.
Between Amazon and Walmart, retail is certainly competitive at the moment, but private equity firms seem to have done their best to run companies like Sears and Toys R Us into the ground.
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I hope they get them, although we all know they are too rich to be successfully sued.
The attribution "Sears" is also interesting, and equates to (I think) "Sears’ unsecured creditors". The claim that "Lampert was the cause of... Sears’ downfall" is a little wild-eyed, considering he "saved the retailer from complete liquidation" in 2004. In other words, Lampert ran the PE playbook, stripped Sears of its remaining value, and left creditors holding the bag.