SEARS lays off 200 Corporate Workers

Always a ghost town when I go in which is about once a year.

The whole experience sucks

Sears is fucked. It's an amazing story really. It's fucking brilliant.

The CEO Eddie Lampert is doing something similar to what Mitt Romney and his company did - They would buy a company, then charge them huge management fees. Instead, Eddie Lampert loaned Sears $2.4 billion dollars from his hedge fund, raking in $220 million dollars a year in interest. At the same time, Lampert owns Seritage Growth Properties, which purchased $2.7 billion dollars of Sears properties and now charges Sears $300 million a year in rent and other fees. There are other deals too - For example, Eddie Lampert also bought the "Land's End" clothing line. Eddie Lampert has also loaned hundreds of millions of dollars to Sears directly.

It's a win win situation for Eddie Lampert. Every year that Sears continues to struggle, Lampert makes half a billion dollars a year. In the event Sears folds, Lampert owns $2.7 billion dollars of Sears properties, and the $2.4 billion dollar loan is secured debt which means in the event Sears fails or goes into bankruptcy, the hedge fund Lampert owns is first in line to get paid.

It's just like the banks did during the recession. For every two years Sears stays open he makes a billion dollars in interest, rent, and other fees. When Sears fails, he gets his money back AND $2 billion worth of property. LOL.

This man is raping the company.

Don't believe me? Read about it: https://www.usatoday.com/story/money...art/638218002/

Amazing, it awfully resembles how the banks robbed, plundered and triggered the 2008 recession. What's sad is how this can continue without government interference, I understand there aren't any laws or tools to stop it. Which just tells us the officials and law makers are looking the other way and don't want to touch it.

Correct?

These are the people who need to be taken on a boat 12 miles out and dumped at sea. 1 guy or a investment firm destroying thousands of jobs so he/they can get richer. This type of shit didn't make America great..

That's exactly it. The banks couldn't lose. They loan you the money, they make money from the interest. When you default, they sold the house to the next guy for yet more money.

I couldn't agree more.

Remember Mitt Romney's company, Bain Capital? They were the worse. They would borrow hundreds of millions of dollars or billions of dollars from investors, buy a company with financial problems, and try to turn it around. In the process they would charge tens of millions or hundreds of millions in "management fees". If they bought a company and it did well, the investors made money, and Bain Capital made money in "management fees". If the company failed, the investors got screwed, but Bain Capital still made their money.

Bain Capital is behind the Toys R Us failure. Toys R Us in Canada is doing fine, Toys R Us in the United States just failed - because of Bain Capital. Bain Capital was also behind the failure of KB Toys too.

It's a horrible way of doing business.