Eddie Lambert used lies to pursuade Judge Robert Drain to accept his bid to buy remainder of assets he was not able to hide. He told the Judge the 425 remaining stores were profitable and he was saving 45-50k jobs and months later 60% of those profitable stores are closed or soon closing. How does a CEO become the companies largest lender? The payment that Sears Holding could not make that put the company in Bankruptcy undoubtedly was going to Lambert himself. Kmart went Bankrupt because they could not pay their grocery bill to Flemming Company which put this company in Bankruptcy as well with them shutting & selling retail locations to Kroger. Lambert aquires Kmart for their $1 Billion in debt and then makes $850 Million selling 60 closed locations which made the rest of Kmart gravy. He gets Kmart back into profitability (Unbelievable but true) and orchestrates a plan to use Kmart's equity to buy Sears as it's own CEO Alan Lacy said he had substancial doubts of Sears future ability to survive. So he agreed to sale of Sears to Kmart in the interests of the "SHAREHOLDERS", screw the employees who made the company money over the years. "Lacy" should of been closing unprofitable store then, right? Had Kmart invested in themselves instead of Sears I think both brands would have seen a different outcome, maybe on a smaller scale but they would both be profitable. Lambert sold profitable Kmart & Sears locations secretly and then started to disect the company while lining his pockets the whole time. Selling prime real estate, spinning of parts into several companies like Lands End, Seritage, Sears Hometown & Outlet Stores where Lambert was always the majority shareholder. Then the old Sears is suing Lambert, Mnuchin, and other board members, not sure where that is going and who it would benefit. Maybe it could go to repay the Pension Sears Holding defaulted on. How do you have 425 profitable stores where 60% are in the red in only months? Who benefited from the $5.2 Billion Lambert paid for the remainder of the company? Current and former employees need to contact their respective Congress persons and Judge Drain and demand investigation in the fraud of Eddie Lambert since corruption is a hot topic now. Send Lambert packing for Jail where he belongs for destroying the lives of over 250k employees and the communities in which they served.
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He stole lots of money from the company! Then took money gave us as our retirement;I worked for 38 years! Counted on that money to live on! And he just stole it when it was not his! He did it to all of us long time employees!he is a real thief!
Everyone that worked at Sears knew that the White Plains store had to be perfect, it was the store Eddie’s mom shopped at. Eddie’s originally from NY. Sears is HQed in Illinois, incorporated in Connecticut and the majority share holder lives in Florida and they filed for bankruptcy in Eddie’s home State.....hmmmmmm.
What happened to the old Sears suing the new Sears, Lambert, Mnuchin, and certain board members? I did not have knowledge of Lacy having involvement with ESL but it certainly makes sense. Controversial Cortez & Warren said it like it was and would use them as a method of contact. https://www.youtube.com/watch?v=g1ceLvzG-UI
Ok so last month they said ESL put all this money in and borrowed some to get Xmas stock. What did he buy? Because honestly there are all kinds of tools we are just out of completely. Did it go to appliances? Soft lines ? WTH ? Where is the inventory? All at the liquidating stores????
I’m not sure why people struggle with this. It’s LamPert not LamBert.
When you are connected, the law does not apply to you. Also, after bankruptcy, how do you talk a bank into lending another billion dollars? About 10 billion dollars have just vanished over the past 10 years. Where did it go? Oh I know, it went to the employees that were making minimum wage at 20 hrs per week.
I suspect all this true just watching the machinations of the store from the outside. It's clear everything going on in the stores right now is a front and nobody running the thing cares about running a brick and mortar store. This thing is being wh–ed around by somebody behind the scenes. If anybody ever busts this thing up, actively or retroactively, it will certainly be an interesting read.
You can't possibly think that Drain wasn't in on it.
These people all function at a level where they are pretty much untouchable. Congress allows it to continue, so trying to get them to step in is a waste of time.
Lacy helped EL out (at least) twice. Once with Sears and then again with Sears Canada. They run in the same circles. Lacy took the money and ran. Twice. EL had an opportunity to play his game, twice, and did so.
We can come to this page and gripe about what's happened, but nothing will change. Nobody will be dragged into court and punished for the way all of this has gone down because there are loopholes that allow for it. When there isn't a loophole, someone just gets paid off and everything gets ignored.
There is no help. Nobody is coming to save things. Those that got screwed just have to make the best of it. Those that are about to be screwed will just have to make the best of it. The boogeyman is real, he is corporate and we all work for him on one level or another.
In a word: Mnuchin
I dont have an answer but you hit the nail on the head.. Yeah Kmart was what put flemming under. I know because I personally lost a job because of what kmart did to flemming.
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