Wow Sears is a Goner

[BarryBobPosthole]

And regardless of your view of pensions, a commitment is a commitment. I can’t believe Sears retirees could lose their income from their pensions. That’s what their dumbass board is blaming for Sears’ demise.

BKB

[Penguin]

I can believe that. It is easier than to say "We intentionally allowed our company to be strip mined and pillaged so that we as individuals could become filthy rich."

One part of the swindle:
1) Start up a real estate trust that you as the CEO own a major stake in.
2) Have the corporation you run sell prime real estate to your real estate trust at a lowball price.
3) Rent some of it back for pretty hefty rates.
4) Take the other portion and begin huge business developments with partners who purchase the land at premium prices.

The company has lost its resistance to market fluctuations as it now rents instead of owning. You as CEO are handsomely paid. You as major share holder in the real estate trust get filthy rich via buy low and sell high. The company suffocates as it loses more and more stores and picks up higher and higher monthly rental bills.

A filthy business.

Will