Recently Papa Johns fired their founder and CEO for using the N-word. Can the Sears board fire Eddie? I know he has a lot of stock, but the board is supposed to do whats in investors best interest, and I really dont see how keeping Eddie really helps anyone, other than Fast Eddie. Any small investors left should really try to get this guy fired before its over.
11 replies (most recent on top)
Only Kinga can fire him .
@UHtSrvd-1vse I teared up when I read your post. You are so so right. Thank you
@UHtSrvd-1vse you are so right!!!!! 100%
I feel the same un-feeling way about my family. They decided to hang around me. Nobody asked them to. If they don't like it, leave. Once born, don't come crying to me. Get up and get out and do something for yourself. Make it sound like we owe it to you.
Same with paying taxes. I don't owe you a penny to have Police and Fire coverage. You want a Fire Department, stop sniveling about it and hire a station full of people. Jeez. And for any Doctors and Nurses, stop trying to help people. You make it seem like they need your expertise. Just get up and walk out on the next heart attach patient.
@UHtSrvd-1jwr Right on Brother
Are you f---ing r----ded. Everyone got paid for their time and work. If they didn't feel like its was enough they could have quit and found something else. You make Sears sound like it owes everyone that worked for it money for the rest of time. Just a business people you lose your job go make more somewhere else.
@UHtSrvd-1ler I think he is basically trying to say the loyal employees that basically invested their time at Sear got screwed. My ASM was loyal to Sears. She though that the company was going to do a come back she spent the majority of her life at Sears. I think she kind of saw how bad things that she has really mellowed down. She is one of the few examples. I had another one that spent 30+ years for the company until she got the boot just this January she was sobbing in tears it was just sad.
Anyhow very interesting thread. I have to say though the reason Eddie can't be touched is because of the money hes been loaning Sears. If Eddie wasn't their its probably truth that Sears might of ended years ago, but since he kept loaning in return of assets. Which could mean the board doesnt want to deal with the risk. Another reason I think is maybe they are all in it together or atleast the majority. So basically its a little group that Eddie formed that in the end they will only end up winning while the bottom barrel is going to get screwed. Another big one is he is indeed being the major shareholder that would also tumble the stock if he wants to sell it all.
Please explain how 300,000+ people got screwed. It forced them to go out and find something better.
And all they can do is fire him from being CEO. He wasn't CEO for many years and things weren't all peaches and cream then. He controlled everything whether it was Aylwin, Bruce or Louis in the CEO seat. And his ability to run a retailer has been shown every day for 13 years now. Remember when he blamed the media? Yeah right. I remember when he first merged us and he said we would have less debt than all of our competitors who would go down before us. Well, a few did but we will be seeing the inside of the pipe leading away from the toilet soon.
I think he truly thought he could run the place with little investment dollars in the stores, put up a website, make everyone a Member and then reap the benefits of this new paradigm just like he saw companies like Amazon and Google etc. doing. But the economy tanked for a few years and he ended up just being flat wrong.
Simple as that. He was wrong.
But what wasn't simple is that 300,000+ employees got screwed and our customers decided that we didn't want their business so off they went.
While like I said a moment ago, hopefully we all survive and look back on this but also hopfully, no other companies and their people/shareholders/customers make this mistake again either with Eddie or others. And be sure, there are others!
They fire him. As the controlling stockholder, he votes them out. Cycle can repeat. But honestly, what would any of that do at this point. Maybe cover legally for the board but you think all of this has been done without consulting a legion of lawyers? Of course not. Oh there will be lawsuits. Maybe some $50 million settlements spread among shareholders. That money was probably put in an account years ago and has earned interest. You hoping people end up in jail eating porridge every day and the shareholders and 300,000+ employees over the past 15 years all get something out of it? Nope. Hopefully long lives with the ability to look back and say "I survived".
3% outstanding shares short of not approving the merger back in 2005. People sold their stock then. When the economy had problems 3+ years later and Sears was not the transformed place that it was going to be, more people sold stock. Employees started leaving. Anyone remaining the last 10 years had their own reasons for doing so. Either too hard to leave or it really isn't as bad for them as others. But those who stayed should not be surprised right now. Hats off to them but its over.
Pretty sure he has them in the palm of his hands. Don't think there is anything they can do to get rid of him. In fact I dare say if they do fire him it will only make things worse because whoever takes over will probably just declare bankrupt almost immediately.