Sears CEO Lampert blames company's woes on 'irresponsible' media

Reusters via Yahoo Finance ^ | May 10, 2017 | Tracy Rucinski

[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.

[GOPJ]

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. )

[GOPJ]

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...

[ClearBlueSky]

Sears will die because Sears stores have always FELT dead. Dull and drab with listless employees,and all the appeal of the GUM department store in 50's Russia. The only thing that kept them afloat was the dependable(if boring) quality of their tool and appliance lines. That is questionable now.
Once upon a time Sears had the catalog/buy by mail business to themselves. They were ahead of Amazon and had long term customers and a good name. Dumping that started the downfall. Walking into a Sears stores has been-for a long time-like walking into a vacuum. In retail it is more like the Farmers Almanac-it has basic stuff but feels like dry toast.Not what you choose in a retail market of better choices.

[Axenolith]

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.

[Axenolith]

Dude, their fogey set of leadership turned DOWN the opportunity to “be” the Amazon about 8-9 years before Amazon came about!

[bar sin·is·ter]

"...because buggy whips and pony spankers are selling like gangbusters"

..... I'll take 5 of each...

[Right Brother]

Well, that was nauseating.

[PeteePie]

"That's not about denial; that's about caring," he said.

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.

[Rebelbase]

Yeah, that was a real gagger.

[prairie dog]

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.

[minnesota_bound]

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.

[GOPJ]

The Fabric Softener addition also adds more water. Not enough but closer. Thanks for sharing.

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.

[packrat35]

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.

[packrat35]

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.

[GOPJ]

When the Sears repairman was out to fix the damn washer last week - he mentioned the same option. Said to go to a used appliance store and buy one without all the computerized bells and whistles... I spent over a thousand dollars for a washer I hate... Sears needs to rethink their machines.

[packrat35]

Its not just Sears but all of them and government regulation is a big part of the problem.

[GOPJ]

Changing those regulations would be such a gift to the people of the United States.