Think what you want about Eddie, but how good do you have to be in order to continuously find people who are willing to continue financing this sinking ship? It is obvious to everybody and their grandmothers by now that Sears is dead, and yet people keep giving money to Eddie to "turn it around."
I don't know what he is telling them to get them to pony up, but it must be really, really good. So hats off to him on that.
I agree with OP. Eddie is a great salesman. It amazes me people keep selling stuff to sears, loaning them money, when sears hasnt made a profit in 7 or 8 years? amazing
Constantly lose $529 million every 6 weeks and it will be all over by Jun '19
Even @ $125 mill a month it cranks out to 1.5 Billion a year thus NO CHANGE in the money losing ops
You don't need to be a financial genius to comprehend the unsustainable
Whatever funds I had in Citi & BoFA have been pulled for their demonstration of stupidity
It's nothing to these banks. They either write it off, or if by some miracle people start returning and sales go up, they get back a high return on investment. They're likely looking at what's their maximum they can write off in loses. The way this company is being run, you can't cut your way to profitability, as proven nearly this entire decade by Sears Holdings! They last turned a profit in 2010, and what have they also done since 2010? Cut stores! They should have filed bankruptcy closer to 2013, they'd have a better chance than they do now! Now, they've got no assets worth anything! Then, they had much more valuable real estate. They could have made a killing if they had shutdown the company in 2008 and sold all that land before the Great Recession, because business was booming, e-commerce hadn't grown beyond a niche market. Of course he held onto them far too long now, and they continue to be in the red for what is easily going to be another year. When they finally run out of properties entirely by the end of 2019, you can officially call them done.
"continuously find people who are willing to continue financing this sinking ship? "
Should read as:
'Continuously DUPE peoples into financing this sinking ship'