Eddie Lampert is stepping down from his CEO position at Sears, which has officially filed for bankruptcy after starting proceedings last week. This marks apparent end of the company as we know it, with more than 140 stores closing down soon.
While an email from Lampert on Monday officially made the announcement, the downfall of Sears has been going on for years now, many attribute this to Lampert’s poor management. Since owning the company since 2004, Lampert promised to bring the department store chain to its former glory.
However, Sears has not earned a profit since 2011. The man was seen as a marketing and financial mastermind at one time, but poor choices in his involvement with Sears has cost him millions.
Sears will probably not be completely gone for a while, but the once widespread department store that has been around for 126 years is restructuring, selling assets, and laying off lots of employees. The company intends to stay in business, with Lampert still holding a role as chairman of the board of directors.
Lampert sent his resignation email to staff of Sears, and stated why he believed the company was heading in the unfortunate direction. Lampert attributed poor management, the burgeoning online shopping industry, and legacy liabilities impacted by low interest rates as factors into Sear’s financial troubles.
