2 ms·
Headline on CNBC is less sensational, and includes "theft" in quotes. The attribution "Sears" is also interesting, and equates to (I think) "Sears’ unsecured c
by basseq 7y ago
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.
- sct202 7y agoHe saved his PE investment in Kmart from liquidating by doing a PE buyout of the original Sears to create Sears Holding.