In our posts about Sears, we often observe that the company seems like an anti-capitalist prank, a retail giant that thrashes around aimlessly until the real estate market picks up. It turns out that we were kind of half right. Manifesto-writing Sears Holdings chairman Eddie Lampert has organized the company into battling units that compete with each other for a dwindling pile of money. [More]
Once upon a time, a man won an award for being the “Worst CEO of the Year” without actually being the CEO of anything. Who is this man? Well, he’s the next CEO of Sears. Constant readers of Consumerist will be familiar with Mr. Eddie Lampert, the chairman of Sears Holdings and mastermind of the Kmart/Sears merger. Eddie is a big thinker. He famously published a 15-page manifesto in 2009 which covered everything from the economic meltdown to civil liberties, and contained a suggested reading list that included free-market Austrian economist Friedrich Hayek.
Sears Holdings chairman Eddie Lampert has unleashed a 15-page manifesto about the current economic meltdown, short-selling rules, civil liberties, and even offers a suggested reading list that includes free-market Austrian economist Friedrich Hayek.
Ex-Sears CEO Aylwin Lewis has taken a position as CEO of Chicago’s delicious Potbelly Sandwich Works. Reader Tim asks: “Should I be worried that he will destroy this great sandwich chain?” Hmmm. Maybe, but we think Chairman Eddie Lampert is the real source of evil at Sears. And now we’re hungry. [Chicago Tribune]
Aylwin B. Lewis, CEO of Sears, has been asked to step down as part of Sears’ restructuring plan, says the Chicago Tribune. In a prepared statement, the billionaire hedge fund guy who controls Sears, Eddie Lampert, explained the reason behind Mr. Lewis’ departure:
On paper, the merger between Kmart and Sears looked almost fool-proof. Investors were confident that hedge fund manager Eddie Lampert had the midas touch, and that Sears’ real estate holdings were worth more than $150 on their own. Sears’ well-regarded brands would be paired with Kmart’s convenient locations—and everyone would make tons of money.
The fact that Eddie Lampert isn’t even a CEO didn’t stop Herb Greenberg at Marketwatch from slapping the coveted “Worst CEO of the Year” award on him. Eddie beat out such unemployed luminaries as Chuck “Whoops” Prince, formerly of Citigroup, and Ed “I Hate My Customers” Zander, formerly of Motorola.
According to a poll cited by the Chicago Sun-Times, Sears is the #2 holiday shopping destination this year (after Walmart.) So why can’t they make any money?