How the mighty have fallen. Where ESL was once worth over $12B, it's now worth less than half the price of the Fountainhead. In Q1 alone ESL sold 52% of its AutoNation Stake, 52% of its Land's End stake, and was forced to liquidate completely out of Seritage since just the start of the year. He would've sold the yacht too, if it weren't tainted by uhhh, yucky stuff if there were any buyers. Warren Buffet called in his chips and cleaned out, and what few investors who still had faith in Mr. Lambert bailed. It's the endgame, and all of Eddie's missteps in his circle of incompetence have come home to roost.
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Quit blaming Lampert on the demise of Kmart and Sears. Both retailers were already dying when he got involved, and both did themselves in. Sears did itself in when it failed with that "softer side" campaign, losing them billions in the process:
https://www.chicagotribune.com/news/ct-xpm-1999-02-18-9902180317-story.html
And Kmart failed even more with the "Big Kmart" campaign, as it led to their bankruptcy! That is one massive failure:
https://money.cnn.com/2002/01/22/companies/kmart/
So, in the end, Kmart and Sears were already dying when they were merged together. Just the fact Lampert got involved, and lost so much shows how the two were already going down, he just insured he'll be along for the ride. If anything, he kept them alive about 10 years after both should have been dead, because I and my family stopped shopping at either about 15 years ago, because the selection was outdated, the stores looked like they were still in 1972, and it took about 2 hours to checkout just a single item, because both were using registers from 1985! Everyone needs to let these things go, they're already past their expiration, both having done themselves in with their massive failures in the 90's.
I hope the boat sinks,and takes him down with it!
I love these worthless threads regarding Eddie and how he is this close to being forced to go on food stamps. Unless he doesnt pay his taxes and the Feds convict him for tax evasion, Eddie will be just fine.
Checked the Edgar sec filings site, a whole lotta selling off going on. Perhaps it’s “cash out and take fountainhead to the caymans” time.