Greed and scheming dominated the five deals: SHO, the spinoffs of Orchard, Sears Canada, Lands’ End, and the putrid Seritage deal.
Bankruptcy can only restructure debts; it cannot revive mutilated brands and bring back mauled customers.
“Don’t write any more blog posts to blame pensioners for the collapse of Sears Holding after you wasted $5.8 billion on share buybacks.”
Defying my dictum that nothing goes to hell in a straight line.
Why is Sears’ CEO still touting “progress,” even in SEC filings? Why not tell investors the truth, for once?
It risks running out of money just before the holiday selling season.
4th director to quit in 10 months. Bankruptcy prospects heat up.
This baby is going down the tubes at an ever faster speed.
The ingenious strategy of cost-cutting and store-closing your way out of trouble: Pretty soon, it leads to zero.
As so many times, Private Equity firms are in the thick of it.