Inside Sears' Death Spiral: How an Iconic American Brand Has Been Driven to the Edge of Bankruptcy
January 8, 2017
Ned Weinberger weighs in on how the CEO of a nationwide retail store has crumbled its value
Eddie Lampert took control of Sears more than a decade ago and became its CEO in 2013. While he holds the highest position within the company, he typically visits their headquarters a small handful of times each year. Many executives close to Lampert claim that his lack of presence is due to the company facing its biggest crises. Hundreds of its stores are closing around the country and Lampert is in the process of executing a series of real estate and financial transactions to turn things around. There is a lot of controversy surrounding the strategies proposed by Lampert as they allow him to benefit regardless of the future standing of the company.
Partner Ned Weinberger told Business Insider that Lampert has abused his powers as the CEO and is more concerned about his own financial affairs. "Eddie Lampert used his position at Sears as its CEO and controlling shareholder to further his and his hedge fund's interests rather than the best interests of the company [by spinning off its] crown-jewel assets to the REIT at an unfair price."