Instead of Sears selling all these properties for tons of money, Eddie sold them to seritage dirt cheap, and seritage makes a fortune selling the real estate to other buyers. Crooked Sears, Crooked Eddie, Crooked seritage growth properties... This is about as rigged as the election
http://talkbusiness.net/2016/10/texas-firms-leading-new-100-million-development-planned-for-shuttered-sears-location-in-midtown-little-rock/
I agree. If I was in his shoes I'd do the same thing honestly. What he's doing is technically bad ethically and he's only prolonging the deaths of Sears and Kmart for his own gain but the people who depend on Sears and Kmart for income also benefit. Imagine if he didn't buy SHC. the jobs would have been gone a long time ago...sure, it's not as good as the golden days of Sears and it never will be but at least you have a choice between staying and leaving versus losing your job immediately. If you depend on this company for your livelihoods I would use this slow burning death as an opportunity to look for different jobs. As crazy as this sounds, I would be grateful that he stretched out this process for as long as he has. There's no doubt Sears will be done in the near future. The absolute only reason why you should stay with this company is if you're really close to retirement. If that's the case, pray.
What else do you expect him to do? If you owned a dying company and you could get some cash flow or make a good future investment from selling assets wouldn't you do it? Now I don't agree with the ethics of what Eddie did but it is not illegal. Just good business. Welcome to the modern corporate world. This company is dying and will, I repeat, will go bankrupt soon, so either you believe the corporate b.s. and stay or you get a clue and move on.
So? At least you'll keep your job a bit longer.
This is old news. And he also leases them back to Sears and any body else that wants to lease a building.