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As I remember it, Sears was basically gutted by its CEO, Eddie Lampert, for his own personal profit at the expense of the company.
by shiroiushi 2y ago
As I remember it, Sears was basically gutted by its CEO, Eddie Lampert, for his own personal profit at the expense of the company.
- chefandy 2y agoFrom what I read, he theorized that internal competition was the only way to incentivize efficiency rather than being propped up by the rest of the company. Essentially, made each division compete for funding, which naturally lead to undermining and backstabbing— for example, the retail division started undercutting Kenmore with other brands— and eventually it all collapsed.
- lotsofpulp 2y agoLampert failed at the personal profiting part big time: https://www.nytimes.com/2018/10/18/business/sears-edward-lampert-bankruptcy.html https://www.nytimes.com/2018/10/18/business/sears-edward-lam... Probably one of the worst business moves in the 2000s.