Posted on 05/11/2017 4:41:12 AM PDT by John W
HOFFMAN ESTATES, Ill. (Reuters) - Sears Holdings Corp Chief Executive Officer Edward Lampert blasted the media on Wednesday for "unfairly singling out" the company over the past decade and blamed "irresponsible" coverage for the retailer's woes.
Sears, once the largest U.S. retailer, warned investors in March there was a chance it may not be able to continue as a going concern after years of losses and declining sales.
Lampert, a hedge fund investor who is rarely seen in public, kicked off his appearance at an annual shareholders' meeting at Sears' headquarters in Hoffman Estates, Illinois with a slideshow of headlines about the company's financial distress, dating back to 2008.
"You'd think it was from a month ago, but it's literally been going on for a decade," Lampert told about 70 people in attendance.
The company has not reported a profit for six years, which Lampert compared to Amazon.com Inc's early unprofitable growth. He predicted people will look back and wonder how they missed the Sears' turnaround, which he said would be driven by the Shop Your Way rewards program.
Six shareholders questioned Lampert, including one who praised the CEO's hard work and efforts to return Sears to profitability but asked if Lampert was in denial about the company's losses and paranoid.
Lampert refuted his question, saying there were "behind-the-scenes" counterparties trying to take advantage of the company's situation and that he was trying to adapt and preserve as many jobs as possible.
"That's not about denial; that's about caring," he said.
(Excerpt) Read more at finance.yahoo.com ...
Bring back American made Craftsman tools AND American made Washing Machines - machines that DON’T rely on fragil motherboards and interfaces etc etc... ( My Kenmore Elite Washer has been repaired twice in the last two months - and uses so little rinse water that cloths are filled with detergent unless washed twice. )
Then Sears should hire AMERICAN call center workers so customers can understand what they're saying.... and STOP hiring 'contract' repair men who don't know what they're doing.
As far as the store is concerned I haven't been in one in years... horrible sales clerk training... Maybe they should go under...
If that’s the case then buy Sears stock now, because buggy whips and pony spankers are selling like gangbusters. There’s more horses now in the US than there were in 1899.
Dude, their fogey set of leadership turned DOWN the opportunity to “be” the Amazon about 8-9 years before Amazon came about!
..... I'll take 5 of each...
Well, that was nauseating.
No, that's denial right there buddy. Add a dose of delusion while you're at it. Sears used to occupy an extremely strategic niche between the Nordstrom type and Kmart. They had vast financial resources and a loyal customer base. Why it had to end is a matter of pure incompetence.
Yeah, that was a real gagger.
Had the same problem with the inadequate rinse cycle. Selecting the Fabric Softener button as you turn it on gives 12 extra minutes of rinse. Works great.
Edward Lampert is ying to the yang Marissa Mayer.
(yahoo ref)
Both destroying companies while making lots of money for themselves at the expense of many thousands of people jobs.
Maybe Trump can take a look at some of the extreme requirements Obama and the EPA inflicted on citizens... and the nightmare appliances we're forced to use.
That’s the reason I bought a 10 year old used washing machine to replace my last one. $100 and it works like it is supposed too.
Everyone I know with new washers HATES them.
That’s the reason I bought a 10 year old used washing machine to replace my last one. $100 and it works like it is supposed too.
Everyone I know with new washers HATES them.
Its not just Sears but all of them and government regulation is a big part of the problem.
Changing those regulations would be such a gift to the people of the United States.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.