Charles Conway CEO of Kmart was held accountable for his misconduct and paid out millions to shareholders and employees for making lavish purchases, loans to himself and board members. Basically lying to investors and brought them into bankruptcy. Why does Eddie Lambert get a free pass? His corruption started the day he became CEO which should of been a major conflict of interest. So Lambert was working as CEO for $1 per year while siphoning billions in assets from the company during his tenure. He should be held accountable for the $6 Billion stock buy back at a minimum which he said was a better investment than upgrading it's stores. How does the CEO become the company's largest creditor too? Every spin off he did such as Seritage, Lands End, Sears Hometown he is the largest shareholder in these companies today. Craftsman tools are now sold everywhere, Lowes, Menards, Home Depot, Ace, everywhere. Sears would have done better as a company to license the sale of these products as a name brand which would of added great value to the name. Then under TransformCo I read the real reason for all the closures is because no vendors will sell to them on any kind of terms other than cash. He should be sued to the max to where he can go work for Amazon as an order picker something similar to what he did before he struck it big. Current and former employees and shareholders need to sue. Demand that the Bankruptcy case be re-opened for the fraud it was.
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@1ydr /OP, that’s a great idea to go to a class action website and report Eddie picking on his employees, sure that will go a long way. Especially after he’s blatantly been funneling cash out of the company through loans he’s personally orchestrated and real estate through shells he’s setup for years and has gone untouched. Maybe you’re not aware that his former college roommate and Shld investment partner is now the treasurer of the United States. It’s helped him quite a bit, he’s also been able to get away with under funding the pension. Eddie has turned Sears into a washcloth that has been thoroughly rung out and hung out to dry, and cricket chirps can be heard coming from the Feds, good luck with the class action lawsuit, you’ll need it.
I am OP and worked for Kmart when Josheph Antonini was Chairman and did a great job but investors did not think so and the board welcomed his resignation. I was just an investor afterwards so forgive my spelling on Conaway & Lampert. Investor Guru Cramer said Lamperts problem was he was never in the stores, never at Corporate but twice per year and all meetings were yelling sessions through skype where he blamed everyone else for the company's declines. There are sites like TopClassActions.com & ClassAction.org if enough people report the fraud maybe something will come of it. I did just as in investor but employees would surely have more to tell.
fun fact: Conaway sold his house in the Detroit burbs to Eminem, who didn't use it much. He took a huge loss on it when he resold it. (of course Eminem can afford it)
And it’s Conaway, not Conway. And no Eddie will not face a similar fate, because he has friends in high places. Plus Conaway’s final fine of $5.5M was far more painful for him than that kind of a fine would be for billionaire Eddie. Don’t get me wrong Eddie deserves to be prosecuted and fined, it just won’t happen or have the impact it did on Conaway.
When's the last time anyone heard from this coward, Eddie Lampert? No public statements, no comments, no appearances...nothing. He's too afraid to face people and to address his numerous failures of Sears and Kmart. A real leader would man-up and tell employees and senior management that he would stepdown for the good of the company. Lampert is no leader.
Vendors can't trust him. Can't blame them for distancing themselves from this man.
He will go down in retail history as the man who destroyed Sears.
You are telling us that you work for the company and you are not able to spell the owner’s name right... and yes, Transformco collects royalties for every Craftsman product sold out there.
*Lampert
None of your wishes shall come true.