Sears CEO blasts critics for ‘harmful’ speculation
Company ‘fighting like hell’ to survive
Sears CEO Eddie Lampert passionately defended his strategy for rehabilitating the troubled department-store chain on Thursday as the retailer fends off mounting speculation that it is headed toward bankruptcy.
The typically press-shy Lampert said in a blog post the company is “fighting like hell” to turn the corner, repeating a phrase he delivered a day earlier in a rare interview with the Chicago Tribune.
He also reportedly made similar comments at the company’s annual meeting Wednesday.
The tough words didn’t matter much to investors Thursday as Sears shares became caught in the retail-stock undertow of Macy’s earnings miss. Sears shares fell 9.6% to close at $10.16, down $1.08.
The stock is still up about 10% on the year.
Lampert’s communications reflect an assertive phase for Sears. Lampert blasted the “many commentators” who “have rushed to conclusions” about Sears’ future.
“Not only have these predictions been off the mark and based on incomplete and selective information or biased sources, but they have also been harmful,” Lampert said. “We have spent a lot of time educating many external stakeholders — we need each other for success — and while it hasn’t been easy, we are still here and fighting hard.”
The speculation, however, was fueled by Sears, which told the Securities and Exchange Commission in March there was “substantial doubt“it would survive.