After Eddie personally lured vendors with promises of $300M in loans that he would have them covered so they would continue shipping (which instead went to lawyers), he screwed them over, which is why no one ships product anymore. Now literally a Christmas tree company is suing him for non-payment.
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The lawsuit is current. It's vendors that sued Sears and agreed to give Sears a lifeline during bankruptcy whom Eddie explicitly personally promised that they would be made whole. These are not pre-bankruptcy filing vendors. The money was there, and the money was obtained during post-filing. These are people who should have reasonably expected to have been made whole, because there was more than enough to cover them before he mismanaged Sears Holdings into oblivion and officially stepped down as Chairman in 2019. TransformHoldCo is Sears, no two ways about it. The Board is the same, the owner is the same, the executives are the same, and the creditor, Eddie himself is the same. It's reasonable to expect that the people who you screwed prior to the bankruptcy filing to never deal with you again. But Eddie also elected to screw over to the people who went out of their way to extend him a lifeline when no one else would because everyone else had declared him toxic waste. Eddie just proves himself to be a complete sh-t and poor excuse of a human being again and again, whether it comes to business, friends, family, children with childhood diseases, and even small animals who instinctively find him detestable.
Kmarts still have plenty of $1 Chinese made shampoo. Its not quite suave but it will get the job done. Just watch out for rodent pieces.
This is from 2018. They had the option to settle with him months ago. This has nothing to do with any current operations or loans. That’s pre bankruptcy stuff.
right? m-iii dumped the bad leases, actually got vendors new and old on board. eddie didn't care, and let the lawyers bill hundreds of millions, and left the vendors to die on a vine leaving stores with no product. there was a low cost store concept that cost nothing to run that emphasized customer service and sears' highest margin products that would service the commercial, direct, and service side of the business if allowed to expand and let all of those go to sh-t. no marketing, no communication to customers, no follow through on plan. the "office of the ceo" had a whole year to ready themselves for the holiday season, and nothing, zilch, nada planned, just pats on the back for getting themselves out of the bankruptcy which they had pretty much nothing to do with. instead it was more protection plans, sign up for credit cards, more sywr, all the things that drove customers away in the first place. you couldn't destroy money faster if you deliberately set out to do so. a self-centered, untrustworthy, cowardly, arrogant, deceitful, fraudulent, and above all, stupid know-it-all. that's eddie lampert.
It's a shame really, the restructuring company left Eddie and the three ret-rds plenty of loan cash to pay the vendors, a product pipeline, the pension debt obligations shifted to the government, 425 stores, and those mo–ns managed to f–k it all up.
Yawn.... What else is on?