35 Burst results for "Eddie Lampert"
Sears sues Lampert, claiming he looted assets and drove it into bankruptcy
"The former owners have Sears are suing the new owners ABC's, Dan WGN's. Ryan burrow reports Sears holdings which used to control Sears KMart stores until Eddie Lampert and his hedge fund purchased the failing retailer for five billion dollars in February says, its former chairman looted billions from Sears as it entered bankruptcy the complaint says it Lampard and his hedge fund hadn't taken improper and illegal actions by stripping the retailer of assets like land's end and Sears hometown outlet. The company would have had billions of dollars to pay third party, creditors Lampard and his hedge fund released a statement calling the allegations misleading or just
"eddie lampert" Discussed on WTVN
"Holdings now suing new Odier owner Eddie Lampert and his hedge fund they claim the illegally siphoned two billion dollars an SS leading up to the retailer filing for chapter eleven bankruptcy. Leopard purchased a company earlier this year and hope of saving the struggling brand. But those new allegations will that makes things a little rockier other big time headlining sales, national and fire sold. It's the former head of the airport newsstand company. Hudson news follows a pretty rocky year in which the tabloid was accused of burying stories that could have heard the president tabloid owner American media said Thursday, it plans to sell the supermarket weekly into other American media tabloids the globe and the national examiner. So that's a big package, Kremlin and. Bouncing yesterday that North Korean leader Kim Jong Hoon will visit Russia this month at the invitation of Putin, chairman of the state council, the democrat People's Republic of Korea Kim Jong UN will visit the Russian federation in the second half of April. So read the statement, this would be Kim's first meeting with Putin Paris police investigators now say an electrical short-circuit is most likely what caused the fire at Notre Dom police official telling us that yesterday as France payday long tribute to the firefighters who saved the world renowned landmark investigators still don't have a green light to search. Notre Dame's chart interior. They say there's still plenty of safety hazards, and that is keeping people on a very cautionary state. So the Miller report is out four hundred forty eight pages. Stated if we had confidence after a thorough investigation of the facts that the president clearly did not commit obstruction of Justice. We would so state, but they didn't. So it's this epic. I mean, epic struggle of spin in our nation's capital, and again, it just kind of solidifies Democrats are even more. So Democrats Republicans seem to be even more so Republicans and the chasm between seems to be getting broader and wider and deeper President Trump didn't respond to reporters questions after the mother report was released he left yesterday afternoon, the White House he's going to spend Easter weekend that the mar-a-lago compound ought. He did tweet a few things out there. There was one that a lot of people have probably seen game of thrones reference. He's kind of turned away. And it says game over later on Air Force One. He tweeted I had the right to end the whole witch hunt. If I wanted I could've fired everyone, including Muller if I wanted I chose not to I had the right to use executive privilege, but I didn't. And of course, the reaction was swift both sides of the aisle, Mitch McConnell praising attorney general Bill bar as the experienced leader ensured maximum possible transparency while carefully protecting classified material and legally restricted grand jury information, but house intelligence committee chair Adam Schiff, criticized bars handling of the report accusing him of acting like the president's personal lawyer while calling Trump's actions detailed in the extraction of Justice section the report deeply alarming so more on that as we roll through the morning right now, let's get you an update on traffic.
Sears sues Lampert, claiming he looted assets and drove it into bankruptcy
"Explains. Here's holding Corp has filed a lawsuit against its largest shareholder Eddie Lampert, alleging the billionaire strip. The company of more than two billion dollars in assets. The lawsuit also names former Sears directors, including US Treasury Secretary, Steven Mnuchin and executives at Lampard's. Hedge fund ESL Sears filed for chapter eleven bankruptcy back in October Lampard saved the company by acquiring the assets in auction in February though, it's unsecured. Creditors. Say the sales or spin offs of key assets, simply lined Lampert zone pockets ESL vigorously disputes the claims and in a statement called them baseless and
Sears Holdings Corporation, Chairman And Eddie Lampert discussed on Jeff Katz
"Sears holdings corporation is selling its former chairman and largest shareholder Eddie Lampert, alleging the billionaire stripped the once iconic company of more than two billion in assets, the lawsuit also names, former Sears directors, including US Treasury Secretary,
GameStop posts massive loss as pre-owned game sales plummet
"Unfortunately, we're gonna start with game. Stop. It was a rough fourth quarter for game stop. But even worse. The video game retailer warned that there's probably going to be a loss in the first quarter the current quarter that we're in right now shares down five percent. I'm looking for a silver lining with game. Stop and I can't find one. Yeah. I should have told you this before I came on Chris. But you cannot have picked a worst analyst to come on give commentary about game. Stop because I've I've had a long and complicated relationship with game. Stop do tell. Oh, well, you know what game stop? It's been a terrible investment. But in my opinion, a terrible investment because management has always just made terrible decisions. And for a while. I was a big believer in the sense. Still am in game stops ability to to change its business model for the better to make it something that exists and five or ten years and that hedged on you know game. Stop has this amazing refurbishment facility out in Texas. They're the only people really capable of buying refurbishing selling games, and they never really tried to do anything with it. It was always this, you know, back of their mind business model and so. So for me, it's it's a frustrating stock to look at because at this point. There's really no saving game. Stop. It's it's definitely down and out at this point. I'm not sure if there's a silver lining purely because management, which by the way, they're getting a new CEO and April but CEO's turnover a ton. They just have no vision. They're just sitting there getting their little dividends, you know, reading out the company for what it's worth then moving on. We've talked on this show before about executive turnover at tesla and executive meaning just sort of the executive suite. In some ways that pales in comparison to game stop, which this is going to be their fifth CEO in just over a year. That's that's gotta be so depressing for so many people who work at that company. Well, it's clear that the company has no vision. And I joked talking about game stop earlier today with Aaron Bush, and I made the joke that you know, at least Sears Eddie Lampert. He had a plan. It was not a plan. It was hurry, and it was not a plan to return value to shareholders. But man, did you have a plan to return value to himself, and he did it in a least? There was an underlying goal with that company with game stop. It's clear. They're just flailing and they've been flailing for a long time.
Edward Lampert’s Plan for Sears: Smaller Stores, Less Apparel
"In Washington, we're learning more this morning about plans to revive Sears. Sears owner Eddie Lampert tells cranes. Chicago business he'll continue to shrink the store's footprint, but we'll try to take the retailer public at the price of five point two billion dollars. Lampert tells the Wall Street Journal that he's not as interested in selling apparel wants to sell tools and appliances, some skeptical vendors have been watching the Sears story part to roll out in creditors. Say that the remaining four hundred twenty-five Sears and KMart locations won't be able to block another
"eddie lampert" Discussed on Bloomberg Radio New York
"And I'm Susanna Palmer from Bloomberg world headquarters. Congressional negotiators are holding a weekend of talks on a security plan. That includes some sort of barrier on the US Mexican border. They're hoping to complete a deal to avert another government shutdown. That's also acceptable to President Donald Trump China said vice premier Liu. Hey will join US Trade Representative Robert lighthizer and Treasury Secretary Steven Mnuchin in high level trade talks between the two countries next week. James McKenna, senior global economist at Aberdeen standard investments, we're hopeful that this turned down in aggression that this temporary truce is extended in that provides more room to try and explore some of these issues. China's commerce ministry said the US working team will arrive in Beijing Monday and build on talks that took place in Washington. In late January talks are set to start on Thursday fifty thousand jobs just keep saying that over and over. Much like Eddie Lampert team, and you'll have one of the key reasons Lambert and his ESL investment. Hedge fund are said to have been able to fend off those who wanted to liquidate Sears. Yes, L is reported to have consistently raised to the potential of mass job dismissals in public statements. Letters court filings Tiki alive of it that was rejected more than once representatives for Sears and for ESL declined to comment. Steven Cohen is having trouble selling one of his trophy properties, the billionaire drop to the price of his midtown Manhattan. Duplex more than six times in six years, and is now asking forty five million for the apartment, which was originally priced at one hundred fifteen million back in two thousand thirteen when he listed it. Cohen the founder of point seventy two asset management bought the five bedroom units in one beacon court between fifty eighth and fifty ninth streets for twenty four million in two thousand and five global news twenty four hours a day on air and picked up on Twitter, powered by more than twenty seven hundred journalists and analysts in more than one hundred. Twenty countries. I'm Susanna Palmer. This is.
Court OKs Eddie Lampert's bid to buy bankrupt Sears
"Bankruptcy judge has approved a five point two billion dollar plan by Sears chairman Eddie Lampert to keep the business going. The approval means roughly four hundred twenty five stores and forty five thousand jobs will be preserved. Lampard's bid through his ESL hedge fund overcame opposition from a group of creditors, including mall owners and suppliers. The tried to block the sale and pushed hard for liquidation. Lampard steered Sears into chapter eleven bankruptcy protection in
Former CEO seals deal to buy Sears for $5.2 billion
"A bankruptcy judge approved the sale of Sears to its chairman Eddie Lampert for over five billion dollars. This is USA radio news.
"eddie lampert" Discussed on WINT 1330 AM
"Have to have the confidence of the electorate, and they have to have the confidence of the legislature. She's staying out of it. I have enough to do here without getting involved in fares of of of Virginia. Saga megani at the White House. President Trump was asked today if congressional negotiators are closer to a compromise on border security to avoid another government shutdown. There could be I hear they're working on something. We'll see what happens, but I certainly hear that they're working on something. Both sides are moving along. We'll see what happens appropriations committee chairman Richard Shelby of Alabama said Thursday's session in the Oval Office was the most positive meeting. I've had on a long time that the president was very reasonable a bankruptcy. Judge has blessed. A five point two billion dollar plan by Sears chairman and biggest shareholder Eddie Lampert to keep the iconic business going the approval means roughly four hundred twenty five stores and forty five thousand jobs will be preserved Lampard's bid through his hedge fund overcame opposition from group of creditors, including mall owners and suppliers that tried to block the sale and pushed hard for liquidation. Lampard has put forth any specific reinvention plans and the company still faces cutthroat competition from Amazon target and WalMart on Wall Street. The Dow down by two hundred twenty points, the NASDAQ dropped eighty sixty s and p lower by twenty-five oil down to fifty to sixty four a barrel. More on these stories at townhall dot com. When it comes to your pain. Many of you might be skeptical black. I was about ordering relieffactor Pat Boone again for this wonderful hundred.
Sears in court as fight rages on over selling to former CEO
"It's now up to a bankruptcy judge to decide. Whether it's Sears is going to continue in one form or another. Or if the historic retailer will be sold off in pieces. A second day of hearings wrapping up yesterday. The company's restructuring chief defending a deal to sell Sears to former C E. Uh-huh. Eddie Lampert for five point two billion dollars unsecured creditors, including the federal government and shopping malls. And others insists that liquidating the one hundred twenty six year old company would be a better deal for the workers vendors as well as creditors.
Creditors Say Edward Lampert Reaped Billions but Left Sears Insolvent
"Estimates a group of Sears creditors calls. What chairman Eddie Lampert did to the bankrupt retailer nothing short of tragic. A proposed complaints said that the seer story reads like a Shakespearean tragedy. The creditors. Argued that Lampert winning bid to salvage Sears is fundamentally flawed would wrongly enriches hedge fund and should not be approved by a bankruptcy. Judge. A Lampert spokesperson
Eddie Lampert, Edward Lampard And Sears discussed on Wintrust Business Lunch with Steve Bertrand
"Right now. It's a done deal. Sears holdings confirming that their chairman Eddie Lampert won the bankruptcy auction to keep the company afloat says chair Edward Lampard's five point two billion dollar proposal will keep the doors open and preserve
Sears, Eddie Lampert And Nicole discussed on WBZ Midday News
"How's it going out there? Well, Sears confirms Nicole. The Eddie Lampert was the winning bidder of this week's bankruptcy auction. Sears also confirms the winning bid will preserve forty five thousand jobs, but the sale still needs the
"eddie lampert" Discussed on KOMO
"Insurance money update. The head of an influential German business lobbying group says the UK parliament's vote yesterday against the Brexit deal. With the European Union shows hysteria has one meanwhile, you financial markets have taken the overwhelming defeat of Prime Minister, Theresa May's Brexit deal in stride. And German Chancellor Angela Merkel says there is still time for negotiations between the European Union and Britain over its departure from the EU Sears will live on at least for now. A person familiar with the negotiations says the company's chair and largest shareholder. Eddie Lampert has won a bankruptcy auction for Sears averting the chains. Liquidation. Fifty-six-year-old billionaire had sweetened his bid to more than five billion dollars over the last few days through an affiliate of his hedge fund ESL a maybe able to keep the roughly four hundred remaining Sears stores. Open saving tens of thousands of jobs. Let's see what's happening on Wall Street this morning. We check in once again with Don McDonald at vestry. Well, Greg European stocks actually did relatively well. But the footsie one hundred was down in the wake of the. The Brexit vote down about thirty two points right now, the Dow is up one hundred fifty four though which is a pretty nice gain to twenty four to nineteen seventy five S and P five hundred up ten to twenty six twenty ninety seven the SNP total market index is up seven points. That's the smallest increase in the composite up thirty four to seven zero five seven point ninety eight and oil prices continue to be extremely volatile. They're down this morning about forty two cents a barrel for US crude eighty point eight one percent of fifty one dollars and sixty nine cents. All right. Thank you, sir. Don, MacDonald hosts komo's talking real money. Saturdays at noon and coming up. We'll check traffic and weather for you on the KOMO morning news. It's eight twenty one. Komo news. Join.
Sears chairman prevails in bankruptcy auction w/ $5.2 billion bid
"Looks like Sears. We'll be staying in business at least a while longer. Sears holding chairman Eddie Lampert has reportedly prevailed in a bankruptcy auction for the department store chain a proposal that would save about forty five thousand jobs and keep four hundred twenty five Sears stores. Open in the US the deal still has to be approved by US bankruptcy. Judge
Sears chairman's takeover proposal faces moment of truth
"Negotiations are continuing over a bid to keep Sears open and operating Sears. Chairman Eddie Lampert is now offering more than five billion dollars for the bankrupt company a deal that would keep hundreds of stores open cross the nation. You're listening to USA radio news.
It's auction day for Sears. Who will be the winning bidder?
"American retailer Sears is going up for auction today. The bankrupt company seems to have one viable option to stay part of the retail landscape is chairman and former CEO Eddie Lampert who oversaw the company's descent into bankruptcy is offering to buy out the company for more than five billion dollars
"eddie lampert" Discussed on NewsRadio 1020 KDKA
"Katie gay radio. Happy Monday Senate oxymoron, I'm Larry, Richard. I'm John chamois. Good morning. Thanks for being with us this morning. We'll congress was spread to the four wins over the weekend. So there was no change in our government shutdown situation. And we welcome CBS senior business analyst Jill Schlesinger live from New York, Jill good morning. Good morning. So Jill I post this question, and I'm just curious to those of us who don't work for the government is the government shutdown really having an impact. Well, I mean, it may not be feeling like that much. But the shutdown could shave off approximately one point two billion dollars in the economy for every week that it's closed. That's according to SNP, and that's a that's not like a small number. It's a small number when you say, it's a trillion dollar Connie. But it's a big enough number to get our attention. It looks like many economists now are starting to slash some of their first quarter growth estimates. And there may be saying instead of growing by let's say an annualized two and a half or two point seven percent. They're going to reduce that by a quarter of a percent. And I also should note that you know, while a lot of workers will recoup their lost wages once. We're open for business. Again, a lot of those contractors will not and that's going to be a problem. It's also a problem when the shutdown starts to cause some stock movement on the downside, and that can spook a lot of companies so again uncertainty the enemy of an investor, and and certainly anyone who's trying to plan the year ahead. And this is why many people are starting to worry that the longer. This goes on the deeper and more significant the impact not just dollar wise but emotionally as well. And we're reading about how some people are kind of caught in between, for instance this. Small business looking for a loan that they needed to you know, by this commercial real estate property. They can't get the chain somewhere in the federal government is stopped. Right. And you think about this, you know, even maybe closer to home. Maybe you're not a small business. Maybe you're just somebody who wanted an FHA loan. Maybe you wanted to you. Your your heart was set on it, and you had your money down because FHA loans were really help a lot of first-time homebuyers. They give them the flexibility, but the smaller down payment, and you can't get that. And you'll look all of these knock-on effects can have an impact if this does go on much longer look at and you know, it's really weird because you're sort of for an economist when I know you guys will make fun of it because they don't make the greatest predictions always. But they get they're going to do very they're going to be very pressured now to understand what the impact is. Because so many parts of the government are closed. So I'm not going to get housing data this week, and there's no manufacturing data and. They'll be no retail sales data. So I don't even know the real impact on how this is impacting consumers may be consumers who are are definitely receiving their paychecks are just worried in general, and they're not spending. We don't know it's flying in the dark now not only that Wall Street doesn't have anything to react to. If all those reports are coming out. I want to ask you real quick about Sears today is auction day for the company Eddie Lampert. The former CEO making a bid for it. Is this going to be a situation where he wins it, and he keeps stores open or are we headed for a total shutdown? You know, I I don't know. I think that they opt right now are in his favor that some of these stores get saved. It's just going to be whatever Sears is in its next iteration. If it does survive, it will be a shadow of its former self and in a lot of analysts are saying, this is the guy who drove the company into the ground. We don't think that he's going to actually do much better. Even if he wins this one that's a really good. Point, that's a little sobering. Especially if you're series employees, and we still do have several stores in the Pittsburgh area. What if I were a Sears person I'd be looking very quickly to make that move. I know a lot of people are making those moves, and you know, if you if possible what you wanna do is you wanna move not just into another brick and mortar, but go get a job at an Amazon warehouse where you know, you're going to get paid because things are doing just fine over there senior business analyst Jill Schlesinger. We'll talk to you what in two weeks you have the holiday off next Monday. Indeed, enjoy thank you guys live from. I love to say that issue to live from New York. Big hockey weekend on the west coast, which is why it becomes part of our name the newsmaker this morning. Let's see we got Pat from west deer. You're on Katie k radio. Good morning. Good morning and happy, Monday, gentlemen. Happy. Mondays what rap star did some play by play for the penguins game when they were in L A over the weekend. Dog. You wanna hear snippet a snippet of guy betcha great snoop Dogg on the power play? There's your buddy. Take it from me. Get there. Get there. Get there. Get there. Watch your back. Turn it around get there. Good job. Good pass. It back to her. The seventy seven. What what do you think? I think it's awesome. I think it's absolutely hilarious. Yeah. I think celebrity play by play could catch on snoop really got into it. When they had a fight. We'll have some of that a little later, it'll be much more peaceful. When you go to the Pittsburgh Symphony Orchestra on Friday, the twenty fifth divorce shacks new world symphony. I'm sure that will be amazing. I'll be fantastic. Thank you so much. You got Pat have a great week you to dump thinking maybe celebrity play by play for you know, not to whole game. But would be kind of fun. I mean, they let us do couple innings of baseball over the years John when snoop was in the booth. I mean, they were just talking to him about hockey, and he was just chatting with the guys. But then they went on the power play. And they said to eat you do the play by play for this. Which is what you were hearing there. It was all it was cheering on his it like sitting next to your buddy, Terry. Six forty five. Katy cat radio traffic on the fives. Powered by bowser Nissan. Route fifty one south on top of the hill. What do you think triple as Kathy Berggren play by play? Truth be told. That's actually what I started in broadcasting. I wanted to be a hockey announcer. Really? Yeah. Wow. We. Here's my problem. I'm so much of a fan. It'd be hard for me to say what's happening because I'd be cheering on or whatever I used. Void like Mike Lang, especially in the early days when people weren't going to the games not like now. Right. He was the image of the team. Listen to him on the radio, and they had a a line on the penguins was that had like five s names all at the same time was Eddie shack and shackle Ron Shaw. Jangled a shock shock over to shackle shingle behind the net shack shot save rebounds, Schinkel Schinkel. He can't put it in the shack back to the point to shepherd shepherd with a blast single shack. Shots score. Take well nine. To get that routine down. Nobody is better at hockey play by play than Mike Lang, no not at all. But it could have been Kathy Berggren. Gone to settle for traffic. She's watching the of the world. Yes. Yes. I am. And I'll tell you. It has been very busy this morning and all of our major roadways.
"eddie lampert" Discussed on NewsRadio 1080 KRLD
"It could be the final lifeline for one of America's legendary retailer Sears getting yet another reprieve from liquidation, but it may only be temporary KRLD's Chris summer. Got the latest from Bloomberg. Reporter Elisa Ronald, Shannon. I certainly wouldn't say that we're necessarily back from the brink because. What's going on? Right now is really more of a hail Mary. I think for the chairman chairman Eddie Lampert. One more chance to buy shares out of bankruptcy in a way that would allow it to keep operating. The problem is there are there are serious flaws in Lambert's plan. And now it only has about one day to try to get a fix all those gaps. So Eddie Lampert is the chairman of Sears holdings, which control Sears and KMart and just sober. Everybody. Understands Elisa why does Eddie Lampert wants to win this bid and essentially takeover Sears and keep these stores open. Well, it would be his only chance to retain control over the whole entity. And that's been something he seems to be really committed to over the past decade or so in continually rescuing company from failure. But it's been in a way that he sort of doubles down each time. That he loses his investment and given Sears long decline. It's been it's been a bad bed for much of the past several years, so Eddie Lampert things more money into the enterprise in order to give it one last chance of turning around. And at any given point the only way for him to redeem some of his investment is to keep it alive in a way where he can sell it off in pieces himself and keep the revenue. So as you mentioned he's trying to come up with a hundred and twenty million dollars to be part of this auction next Monday. And what is that process? What's the auction going to be about is this where we're liquidation could come into play as well? Yes. It is. Well, still at the auction. Eddie Lampert will have to compete with liquidators and other entities buyers who might want to purchase pieces of fears purchased the intellectual property of some of the real estate, but Eddie Lampert. So far is the only better who has wants to take over in order to keep the company and the store is open. So what will happen have to happen at the auction is Eddie Lampert has to prove that his plan is the most responsible and feasible and realistic for Sears. And he has to prove that it's not that. Yes. They argue against the points that the liquidators will make their strategy will actually bring in more cash to Sears is worth more in pieces than as a whole and Sears elisas been counted out so many times, but is it realistic that it pretty much just has days to live at this point. That is the most likely most realistic way to put it there's you know, until a few hours ago, we all thought that today was the day that the liquidation would become official. So this this reprieve is like I said probably just a wild last effort at. Product. That's already doomed Elisa Ronald tannin from Bloomberg nothing Woolley about these Royal income boosting plan CBS's. Larry Miller has that story from our London bureau heir to the British throne. Prince Charles plans to turn the queen's twenty thousand acre private Sandringham estate into the country's leading organic sheep, farm and a profit generating business. The price of land is skyrocketing in Britain Charles as big on wall and mutton meat. He's reported to be bringing fifteen thousand sheep onto the estate not only to improve the soil, but to improve the Royal Bank balance. Larry Miller CBS news London. Check your money while there is a new dynamic coming into the stock market starting next week. We got news that that we've all been waiting for. That is lots and lots of earnings reports fresh earnings report and we will start off with a vengeance. We will start off with news from aluminum companies and Bank. Lots of Bank. Citigroup example comes on Monday. Delta Airlines will be reporting on Tuesday J P Morgan Chase. Also with their numbers Bank of America. Another Bank on Wednesday. We'll be reporting last week. And our Dow stroz average looked good. It was up two point four percent ESPN average looked a little better. It was up two and a half percent while the NASDAQ was up three point four percent this week. We will hang on every word speculative article about trade negotiations with the Chinese. But like I say, we'll also have earnings reports. And we'll have a lot of economic day. The producer price index comes out on Tuesday. We'll get the prizes and the Fed's beige book on Wednesday Thursday. It's even more information. That Wall Street will tied to digest David Johnson. Newsradio today to KRLD, traffic and weather together on the eights next at six fifty five.
"eddie lampert" Discussed on WBZ NewsRadio 1030
"We continue the conversation here at WBZ. It's we can live with dean Johnson guest is associate professor of UMass. Lowell manning school of business. Scott, laid them Scott. Where do we, you know, it's interesting when when I kept keeping an eye on what was happening with Sears. Look like Sears was going under then there. Okay. Then they're going under. It was like watching someone on a high wire almost literally in some ways, and when I opened the lines up and just said, you know, tell me you see your stories the the lines flooded with people who had stories working there shopping their their memories their experiences. And I I said, you know, I just feel better if there's a Sears around because you don't have many places you can go to these days, they have most everything. But it's it's on life support. Isn't it? Yeah. Sadly, you know, there's a lot of different opinions. Why I mean before I mean, my Sears story growing up he'd get to see his catalog around Christmas. And you'd circle the toys you'd want. You know? I mean, my kids don't have that. And I'm sorry. You do lose something, you know, when it's just making a list. I mean, the CEO's Cadillac was so special. But yeah, no. There's a lot of different opinions. Mine is more around mismanagement, you know, people point to Amazon they'll point to WalMart. The company was just horribly horribly run for the last quarter of a century. Really? I mean, and that speaks to my age and your age. I mean, Eddie Lampert the guy who merged KMart and Sears now going back over a decade. You know, he was no cherry, and you know, he really put the last nail in the coffin with his mismanagement. But you know, I can take you back from the eighties. When you don't they had a Dean Witter in Sears Caldwell banker was originally in Sears, the discover Todd AllState insurance launched broad than they made a land and acquisition that was greatly overvalued. So they pay through the nose for it. And then right around there. You know, they merged with KMart, and you know, I commented on earlier I mean. You put two failing companies together, you get one big failing company, and that was on Lambert's watch. So it's just they got. So it's like anything else. Baragan strips into you know, the whole equation, this company was so successful and had so much cash in the eighties and nineties they could do what you would call or innovations experiments, but you know, that's where the saying sticky knitting comes them, they should've just stuck to retail. They're thinking was you're gonna go in you're gonna buy a lawn mower. And by the way, let's give you some financial advice. Sure. I guess I don't know. I mean, someone literally thought that was a good idea. And you know, the the photo studios in the Sears. And then they got seers auto service, which actually was pretty profitable. When that's why Lampert wants to save it now. But yeah, so no it was a horribly managed company for the past twenty five years or so and it just caught up with them. And then in the meantime, the competition, you know, got a lot out for. With Amazon WalMart target take your pick. They were they were so good at you said mail order and all these other aspects over the years, and yet they seem to have completely whiffed on the knuckleball of online shopping if they'd be doing that from the beginning, this probably we would probably be where we are. It's true. But I saw that a lot. That's when I was in industry, doing large-scale IT, ecommerce deployments. And you know, the problem is it's a different beast. You know, they were used to doing the catalog. They were used to doing the brick and mortar store and when it comes to online. I'll tell you what a lot of executives in those areas. They never they never bought into it. They never saw. They thought it wasn't. You know in you can't blame. So that's what happened but to your point. Yeah. If they had embraced online, there'd be a lot further. They'd be in much better shape today than they were in that that's an academic with a firm grasp of the obvious if you listed there. I mean, it's true. But it is you know, I have to take a break in a minute. I don't want to take advantage. If you have just a couple more minutes after this last break. I I'd love to talk to you about where market basket, his favorite topic of yours. And I I talked about a great length here. I'm very grateful the market basket people because it gave me fodder for weeks and weeks here. But it's interesting it after the fact, I when I think of the most a ham fisted moves that major retailers made I think of the JC Penney move nothing will ever be on sale. Our price is what it will always be. And I'm wondering, and we can even talk about the brakes got a few seconds, Scott. But even just sitting there knowing nothing about this. I'm saying these guys jackasses how can they possibly think? This is going to have a special allure because whether they get it or not everyone likes to think they get a deal. So by saying we're never going to have anything on sale. You basically telling people go somewhere else you. Pretty much continued after news everyone's WBZ CBS news update. The New York Times reports that the FBI launch an investigation into whether President Trump might be working on behalf of Russia after he fired the bureau's then director James call me CBS news correspondent, Don daler reports. According to the report counterintelligence investigators were questioning whether the president's actions posed a possible threat to national security, and whether the firing of the former FBI director could be considered obstruction of Justice special counsel. Robert Muller is said to have taken over the inquiry days after it was opened. It is unclear whether Muller is still pursuing the matter. Attorney Larry Levinson says this shows the possibility of Russian collusion in the two thousand sixteen election started before special counsel, Robert Muller stepped in telling us is that none of this just started with more. It was the FBI itself that was quite concerned about Trump and ties to Russia. The White House calls the report absurd. CBS news update. I'm math piper..
"eddie lampert" Discussed on WBZ NewsRadio 1030
"It is to thirty eight. Let's check things out in the business world now with Bloomberg business and Tracy jonky, Tracy. We have some closings in popular department store chain JC Penney is planning to close three stores this spring, Nicole and potentially more sales during the holidays were down. Sears chairman Eddie Lampert is new improved offering to keep that department store chain in business. The deadline is four PM today. Just like whole foods tells shoppers where it gets its produce. Tiffany will tell shoppers where it gets its diamonds Tiffany CEO says this is no marketing gimmick that an effort to attract customers who value transparency on Wall Street gains. Dow's up one hundred fifteen points, NASDAQ up fifty six the eleven I'm Tracy jonky Bloomberg business on WBZ. Boston's NewsRadio it is to thirty nine and over on beacon hill. A group of lawmakers and activists is spending time today at the state house asking for help to keep the heat on for low income. Residents points the state to allocate thirty million dollars, which will then offset recent cut in federal funds the Massachusetts association for community action or mass cap says one hundred sixty thousand homes here in the bay state get heating help from these organizations that rely on that federal funding of those homes. Forty eight thousand of them heat their homes with oil and the group says most will use up their benefits by the end of the month while Massachusetts is grappling with the opioid epidemic. We have been for years WBZ. Sheri, small tells us certain areas are now seeing an uptick in another dangerous drug trend certain illegal, drug trends, come and go one appears it may be coming back around again met a changing trends of the drugs that are on the street. We see fluctuation of some of the drugs with the bath salts with that before with Molly. And now we're seeing an increase in the Quincy police detective Lieutenant Patrick Glenn says, they're seeing an uptick in methamphetamine cases in the south shore over the last one to three years, something they're closely monitoring. Really been just kept to a small group of individuals throughout the community for past few years. And that was starting to see some seizures and the rest of it. So it's on the radar says it's not out of control yet but could easily become so because math is so highly addictive Sheri, small WBZ. Boston's NewsRadio is to forty one right now in Boston. Forty two degrees. Some showers moving offshore some rain moving through the Cape area. Also parts of the Merrimack valley and the sea coast of New Hampshire full forecast coming up in traffic and weather together about two minutes out police in Vermont say they should have done more. When the man was reported missing from a substance abuse treatment facility last weekend officials say that man Everett Simpson, then went on to kidnap a woman and her five year old child at the mall in Manchester. New Hampshire is he drove the parrot to a hotel in white river junction for Mont, and that's where he sexually assaulted. That woman as symptom was eventually arrested in Pennsylvania. Now, he faces a long list of charges but police say after they found out Simpson. Disappeared. That's when they should have issued an arrest warrant for him. Should have also informed other agencies. What was going on and put out a news release and Dartmouth College in New Hampshire now facing a new lawsuit from a former student at student identified as John Doe? He says he was unfairly expelled from the school over allegations of sexual assault suit filed earlier this week in federal court, claiming the encounter was actually consensual and he says the schools disciplinary process unfairly favored her story over his the suit says if new rules on sexual misconduct allegations from the federal education department had been in place his outcome might have been different sports now Celtics getting back to work tonight at the garden against the Pacers. But Sunday that's been the Pat start their playoff run against a team. That's dominated on the road. Patriots are perfect eight no at home this season. But the chargers having lost any of their nine games outside of Los Angeles. So bats coach Bill Belichick was asked for the reason. A lot of close. Scams, and they want a lot of close games are good football team. They're good on offense. Good on the year. They won a lot of games everywhere. Is it just me or jumps expect him to say I do not like those chargers from LA? We hope to beat them on Sunday, like green eggs and ham. I do not like them Sam I am. I do not like green eggs and ham. Sorry, I'll focus now. Are you rooting for the bats Bobby wearing one of those flying Elvis hats with New England favored by four Gillette will be alive. The road.
"eddie lampert" Discussed on News Radio 1190 KEX
"Eddie Lampert has one more day to revise his bid to keep the struggling retailer in business. Made it this far, and you know, everything they've done in terms of store sales and brand sales d-, we'd take a pretty impressive number for to show viability concept financially. Good evening. I'm Brad Ford. Our top story near Corvallis. The search for missing Brownsville woman continues after Benton county sheriff's deputies found the truck belonging to suit Durham in the Willamette river today a day after she was reported missing earlier, they found evidence of a vehicle that went off highway twenty near the Hewlett Packard plant Undersheriff break Ridler tells her news partner k to that icy road conditions may have played a factor in the crash was reported missing when she didn't show up for work at good Samaritan medical center. Monday morning and also miss him appointments during the day TSA employees handling security at airports are working without pay during the partial government shutdown Oregon congresswoman Suzanne bottom, h he met with some of the workers at pediatrics faith of people in the United States is affected by this shutdown. When we have our air, traffic controllers are TSA folks stressed out about not knowing when they're going to be paid says forcing them to work without pay creates a stress that is unacceptable. Eight hundred thousand federal workers across the country are out there. Jobs during the shutdown Dodd wants to make sure that buses traveling to ski resorts are safe holdouts. David house says they'll have inspectors checking buses after they arrive if we find any safety or issues, we can get those addressed before people will get the right back home. How says they'll check for chains and other safety items on buses, they'll also check the driver's licence. And logged make sure they have not been driving to long without a break. House says they're performing the inspections because the buses carry large numbers of people and they travel in hazardous winter conditions Oregon has a new kid governor for two thousand nineteen fifth grader Erica Baldwin from McCormick elementary and Eugene was inaugurated today at the Oregon state capital. I am Bradford NewsRadio ninety K ex.
"eddie lampert" Discussed on NewsRadio 1080 KRLD
"Sears is getting yet another reprieve from liquidation. It may only be temporary though KRLD's Chris summer gets the latest from Bloomberg. Reporter Elisa Ronald tannin. I certainly wouldn't say that we're necessarily back from the brink. Because what's going on right now is really more of a hail Mary. I think for that gave the chairman chairman Eddie Lampert. One more chance to buy shares out of bankruptcy in a way that would allow it to keep operating. The problem is there are there are serious flaws in Lambert's plan. And now it only has about one day to try to get a fix all those gaps. So Eddie Lampert is the chairman of Sears holdings, which control Sears and KMart and just sober. Everybody. Understands Elisa why does Eddie? Lampert want to win this bid and essentially takeover Sears and keep these stores open. Well, it would be his only chance to retain control over the whole entity. And that's been something he seems to be really committed to over the past decade or so in continually rescuing companies from failure. But it's been in a way that he sort of doubles down each time that he loses his investment and given Sears long decline. It's been it's been a bad bed for much of the past several years, so Eddie Lampert things more money into the enterprise in order to give it one last chance of turning around. And at any given point the only way for him to Bill. Redeem some of his investment is to keep it alive in a way where he can sell it off in pieces himself and keep the revenue. So as you mentioned he's trying to come up with a hundred and twenty million dollars to be part of this auction next Monday. And what is that process? What's the auction going to be about is this where we're? Liquidation could come into play as well. Yes, it is. Well, so at the auction Eddie Lampert will have to compete with liquidators and other entities buyers who might want to purchase pieces of fears purchased the intellectual property of some of the real estate, but I d- Lampert. So far is the only better who has wants to take over in order to keep the company and the stores open. So what will happen have to happen at the auction is Eddie Lampert has to prove that his plan is the most responsible and feasible and realistic for Sears. And he has to prove that it's not that he has to argue against the point that the liquidators will make their strategy will actually bring in more cash this year, but it is worth more in pieces than as a whole and Sears elisas been counted out so many times, but is it realistic that it pretty much. Just days to live at this point. That is the most likely most realistic way to put it, you know, until a few hours ago. We all thought that today was the day that the liquidation would become official. So this this reprieve is like I said probably just a wild last effort at a product that's already doomed from Bloomberg. That's Elisa Ronald's Hanan the lawyers for amber Geiger today entered her first appearance before a judge without the former Dallas cop being in court, Geiger is charged with murder in last September's shooting death of both John although the attorneys in the murder case are under a court imposed gag order, the gene families civil attorney Daryl Washington is not going to require a lot of.
Russian lawyer in Trump Tower meeting charged in Kremlin-linked obstruction case
"Couple of weeks after drone citing show things down for three days across town at London's Gatwick airport. There's been no word on when flights might start taking off again a possible reprieve for Sears instead of the one hundred twenty six year old company starting the liquidation process today. A federal bankruptcy judge ruled the chairman Eddie Lampert is four point four billion dollar offer to acquire Sears in hopes of keeping four hundred twenty five stores open will be considered at auction next week. Parkland high school shootings survivor Jacqueline Cornyn. Is confident the new gun control Bill being proposed by Democrats with some Republicans support will pass the house, but she's not. So sure about the Senate. He was a guest this morning on CNN. Twenty two Republican senators are up for reelection in two thousand twenty and only one of them have actually spoken about gun violence prevention bills. And so the American people need to speak up, and they need to vote against the people refused to actively save lives therapy like this one former Arizona congresswoman Gabby giffords who was shot and almost killed eight years ago today returned to Capitol Hill to introduce the Bill will expand background checks for the purchase or transfer of gun. Forty three degrees. Cloudy, and you're going up to forty seven in midtown this damp afternoon. Now this message need tires save. It Mavis discount tire. Log on and save it Mavis tire dot com wins news time to own at Walgreens. We
Sears to ask bankruptcy judge for approval to liquidate: sources
"Well, they filed for chapter eleven bankruptcy last year back in October. And I do believe they're facing a a judge today to try to their hanging by a thread ABC's Ryan burrow is that about right to today's a day where the folks from Sears are meeting with a bankruptcy judge. Is that correct? Yes. So there was one bid put on the table to try to save this retailer from liquidation, and it was placed by chairman Eddie Lampert. He put in a four point four billion dollar last. Second bid kind of at the deadline at the end of December. To try and save the brand. But it does not appear based on reporting close sources close to the situation that this is a sufficient bid, according to the bankruptcy proceedings, and the and the court they are going to court today. They will talk this out and see if maybe the pot or the deal has been sweetened at all, including more cash added potentially less debt wiped away as part of this bid. But all indications are right now that this is this is a long shot a hail, Mary if you will and liquidation probably isn't too far behind ABC's. Ryan burrow, joining us on the fate of Sears and KMart which Sears zones, by the way, and it pretty much seems like this is a situation where it's like an old car an old beat up car, the might be worth more for its parts. Then as a whole. Yeah. I mean, they've already sold off the craftsman brand, right? They did that in two thousand seventeen. So they are no longer the exclusive seller of craftsman that went to black and decker. They still. Got ten more. They were looking to to sell that offer about four hundred billion dollars and apparently Amazon their biggest rival right now at kinda sniffing around that. But we'll see the the idea by in Lampard's bid was to consolidate the stores bring it down to a level that would be manageable right now, they've got a footprint of about four hundred and twenty-five stores and think about that just last year they had seven hundred stores. So I mean, they've been shedding like crazy for the last couple of years and they've worked into eleven billion dollars in debts. And boy just just in that arrow op his has been a real struggle. How many employees currently work for that company? Ryan sixty eight thousand at the time of the bankruptcy filing. Now, we know since the bankruptcy filing. They've shed hundreds of more stores. So the figures probably more along the lines of about fifty thousand employees who are probably going to get some hard news. If this does go to liquidation ABC's Ryan burrow joining us. And I gotta ask you switching gears. Ryan, you're in Chicago. Ago. Are you a bears fan? I am. I am. I'm not I just want to ask at want to get your reaction. You've had a couple of days for it to settle in. And and you know, God bless Cody parkey. It's now been
Sears picks liquidator should rescue talks fall through: sources
"If the Sears board allowed Eddie Lampert to buy it his offer though, which is largely funded with outside sources of capital is facing tough scrutiny from series advisors. People familiar with the situation, they'll CNBC if the two are unable to find a resolution it could force. Here's to liquidate. And it's completely shut down the one hundred and twenty five year old retailer, which also owns KMart filed for bankruptcy in October. At the time it employed sixty eight thousand workers, so eighteen thousand workers already gone. Seers advisers have until four PM to decide whether ESL's bid is viable. On friday. That was yesterday. I don't know. It looks like was updated thirteen days ago, thirteen hours ago. So I don't know. The data show. But if you want to check on that a continuing issue was the one point eight billion that Lampert put towards his offer by forgiving debt, owed ESL through a so-called credit bid. So here's the thing. They're trying to do some financial engineering to save Sears. Why not? Sears is also holding the meeting for liquidators who carry out the process of breaking the company apart. But think about these very busy now. Sears bankruptcy lawyers plan to charge their customary
"eddie lampert" Discussed on Stansberry Investor Hour
"Find a good law if I find a really attractive situation, I'm going to recommend buying because that's what you have to do because I'm always going to a value investor. So I'm always gonna look for stuff. That's that tends to be cheap. No matter what the overall market is doing. Okay. So that is where we are. And that is what I think you can expect and just looking elsewhere in the news today. You can see some of the kind of you can see some of the degradation. That that's already begun a General Electric favorite topic. You might you might even call it. A whipping boy of us it stands berry lost twenty three billion bucks. Last quarter force biggest decline in the SNP standard and Poor's five hundred index in twenty eighteen only three stocks did worse. And the thing that I've been watching you may you may recall from previous podcasts are the bonds and the bonds when I first started looking I thought, you know, the bond market isn't saying that this thing's going to you know, really blow up too badly. And now it is because back then looking at if you just go on Bloomberg and grab four hundred fifty or so bonds this on Bloomberg. Almost two hundred of them are trading below ninety now back then it was very few. And there were none below. There was like one below seventy. Now, there's like a dozen or so, and you know, there were very few below seventy. And now there's like a few dozen. So it's it's definitely deteriorated when you get into the sixties in the seventies. Like pars one hundred in that's a healthy bond price par or very near Wright ninety eight ninety nine even ninety five anywhere in the nineties is a heck of a lot or healthy than the sixties and seventies and even eighties that we see. Now in you know, almost two hundred g related bond issues those are asking prices on on on Bloomberg. So you know, it's deteriorating. It's ugly. Also, ugly is of course, you know, Sears has been here's has been ugly for a long time looks the it was like six years ago when I said in extreme value, you don't want to you don't want to buy this thing because there was a big flaw in that company Eddie Lampert. The CEO was this well-known successful value investor, and he thought he was going to run Sears similar to the way Warren Buffett ran berkshire-hathaway, but were in buffing had insurance companies at the core of Berkshire Hathaway, and, you know, Sears as a retailer, and you just you just can't do the same thing. You can't put a retailer like that at the core of this of an investment operation. Of course. You know, somebody say, hey, what about this company company? Maybe there's an exception. But I'm just saying it was a real bad idea. And most of the time when? Many tries to do that. It's not gonna work out that well. And of course, you know, sewage declared bankruptcy, and and you know, they weren't they weren't the only one in twenty eight teen mattress firm was owned by a South African company called steinhoff which used as an example of of their bonds crashing, you know, they had a big scandal David's bridal, Brooke stone there were there were plenty of of bankruptcies in twenty eight teen, and of course, sort of on the upside we saw breakouts. In in the price of yet. There was some good news. Yeah. There's some good news, folks. I guess who good news. And the good news is. Gold especially as one I kinda watch closer than silver silver has broken into the mid down around fourteen. I think in in his broken into the mid fifteen gold was trying to punch up through twelve hundred dollars an ounce, and is now closer to thirteen hundred last time, I looked it was in the twelve eighties like twelve eighty four twelve eighty six something like that. Within the last twenty four hours. So that's real good. And you know, if that I fully expect that to continue happening, and I can't tell you on the podcast. But I think in extreme value. We have the number one best way. Best business to own if you wanna be long gold because they own the lot. They take a little piece off the top of a huge cache of millions of of gold that is sitting above the ground. So they don't have to dig it out of the ground. It's already above..
"eddie lampert" Discussed on WIBC 93.1FM
"Kmart CEO Eddie Lampert has pumped billions of his own dollars into keeping the company afloat as part of the bankruptcy. Filing Lampert is leaving his post. Yeah. They're done. Sears is done. They've been fighting for a long time KMart and a lot of these other companies. It's not gonna be able to withstand. They've got to figure out what they're gonna do. And Sears is. I mean, this is this is a part of Americana. The the name all of these things are changing somebody that is vice generation. Yeah. But it's gone. We'd toys R us earlier this year. Now, they're trying to figure something out with toys R us. I would say if I was Sears. I would go completely catalog just for and do a pop up store. Just like, I think you should do. What toys R us toys R us? You pop up, you know, right around if you're going to do this same thing, man, you buy them. And you make a pop up stores for November. I like, you know, the first or second week of January closed them and then come back and start doing catalog stuff that sounds old fashioned. But you know, what in the hip world of old-fashioned, why not have some fun with it do something different. But the brick and mortar side of things it's done. It's done. You can't do it anymore. It's over you got nothing left. You're going to have to say that it's it's done, and you have to move on from it because the throwing the kind of money they're trying to keep something afloat. You're patching sinking ship. That is continuing to have holes in it. And then you patch. Another one another hole, and and you're running out of ways to patched up. It's just not going to work. It is three two three five three eight twenty four twenty three at Chadbensonshow is your Twitter. You can tweet at a very interesting thing is happening at yes kids, have it. A group of Asian American students said they were rejected from Harvard in favor of other racial and ethnic minorities matter of choosing to take one whole category of students and suppress their numbers as a percentage of the Claus. Peter would have been association of scholars at the ACLU Rozan hall Bax Harvard in a case that seems destined for the supreme court decision of this case has the potential to impact a lot of people for generations have pre Cavanaugh supreme court ruled race could be one factor in college admissions. So what's going on? Now is they're making it tougher for Asians to get in there because disproportionately right now as far as the represented. At harvard. Many of these other schools are Asians. And so they're making it harder. And they're like, well, wait a minute here. This shouldn't be fair. And this is funny because I was still producer Phil this. This is a cracker free issue going on right now. Right. The crackers got nothing to do with this is zero to do with this. This is a fight amongst minority groups fighting over this, and there's protests going on there. It's going to be very interesting to see how this plays out. But he's going to make it to the supreme court. And is it fair that they're holding them to a higher standard? We'll find out. But one thing's for sure. Crackers didn't cause this issue. On harvard. Three two three five three eight twenty four twenty three at Chadbensonshow is your Twitter. Speaking of race. Trump has gone in her head to the point where she took a DNA tests. Yes. That woman Elizabeth Warren. Why did she take it? We'll touch on that huge bubble is coming in a bubble. That people aren't looking at the way that they should be looking at especially when it comes to our economy moving forward. We're gonna talk about that as well. Text the program three two three five three eight.
"eddie lampert" Discussed on WBBM Newsradio
"Latest in Bloomberg business news with Gina survey survey and Felicia Pankin warning looks like we're headed for a higher Wall Street open from the CME in Chicago as in p futures up twenty four points. Nasdaq futures up seventy nine Dow futures up two hundred. Fifty nine next screwed ahead. One point one percent at fifty one dollars fifty eight cents a barrel. At the Chicago. Board of trade corn is up a quarter of a penny. We is up three quarters of a cent. Soybeans are up four and a half. European markets are also showing some solid gains this morning, Bloomberg has learned that China is moving toward cutting its trade war tariffs on imported US made cars something that President Trump had tweeted about after that summit in Argentina earlier this month, Sears shopping around it stores, the troubled retailer wants to gauge what they're worth on the open market, even as it. Weighs chairman. Eddie Lampert bid to buy the entire chain. And keep it open and other wild ride for investors to start the week with the Dow reversing a more than five hundred point loss. Some tech shares bounced higher and that helped the index in the end up thirty four to twenty four thousand four twenty three the s&p gaining five or two tenths percent at twenty six thirty eight the NASDAQ jumping fifty Wanda. Seventy twenty one and the wintrust WBZ 'em Chicago index from Bloomberg did slip. It was down four tenths percent with business at twenty five and fifty five and in the noon business hour live from the Bloomberg newsroom. I'm Gina Cervetti, NewsRadio seven hundred and one zero five point nine FM. Joining traffic.
CEO Eddie Lampert and Sears discussed on WBBM Morning News
"Sources report that Sears directors have tapped record to examine former CEO Eddie Lampert
"eddie lampert" Discussed on Bloomberg Radio New York
"Edition of Bloomberg business week over the next couple of hours. We're gonna bring you news of the week insights from the magazine and so much more in this week's broadcast, Carol we really go all over the world starting in China. They have their own version of SpaceX there. Yeah. I love that the billionaire's club of Elon Musk Jeff Bezos, and Richard Branson kind of facing some competition. Also, I love the story. I know you're kind of making fun of me because I do, but we take a look at how big tech is scared about the cloud backup system reels of magnetic tape kind of at risk. It's a patent war. I do like the story, but I also like making fun of it. We also look at markets, which were no laughing matter last week as they plummeted for a couple of days, then bounce back pretty dramatically. We dig into what's going on there. Plus, we've got a special focus on retail, including a look at Amazon's push and really WalMart's push also into India. It is this week's cover story. But I. We'll kill. That's clearly an ad from a happier. Time for Sears a few tough years for the big retailer. I mean, a company that effectively defined how we shopped for much of the last century. It's amazing because Sears finally finally filing for bankruptcy. And it's interesting because the story really takes a look at why CEO investor billionaire Eddie Lampert. He really couldn't keep this one time retail giant afloat. We get more from Cathy Burton. It's been going on for a long time. People have described this as the liquidation over a decade. And if you talk to younger people, they they always the first thing, they said was isn't Sears already. Exactly what happened because go back thirteen years, right? Eddie Lampert got involved in Sears right around thirteen years ago. Yes. He merged KMart with Sears at that time. And everybody thought it was a smart idea. I think he did that I think initial initially. They did. Because there was a lot of cash flow coming out of K mart came out of bankruptcy. They thought Sears. There was a lot of cash he cut costs. And so the stocks really went crazy. So he looked very smart in the beginning. It's interesting to I'm gonna take a step back from because I do love how you start your story. You say bit by bit the smart money deserted Lampert. Tell us a little bit about what he used to do. In terms of investments have biggest fun was who was invested with him. And then who kind of left him. Well, he started his fund when he was twenty five years old. But he already had these very big people in as investors. He had David Geffen. He had George Soros. He had Richard rainwater. He had all these people, and he was very very good stock picker, and he made these massive returns like over twenty percent until the early two thousand so over like twelve or thirteen years he made a lot of money. But then the switch came when he decided to. To that. He could be an operator company, and I talked to one investor who said I shorted that stock it doubled on me. And this is the only time that I've ever done this. But I held on because I knew that it was going to zero that. Okay. And so because he changed kind of his philosophy or his investment strategy. Right. As you said becoming an operator. That's when he started to lose investors. Exactly. And a lot because I think you say at one point is fun was as much as fifteen billion dollars. It was now it's just a little over a billion. So what what went wrong with the Sears investment? Because there's also a lot of talk about value in the properties early on right where the actual stores where I think people thought that there was some value in there. I mean what happened? Yes, exactly what there are a lot of people that jumped on shareholders and Sears after Eddie did the merger because they thought there is a lot of real estate value. So there are a lot of people jumped in. But then over time they realized that he was just bleeding the company he did a lot of things under sort of standard value investor maneuvers, for example, he did a five billion dollar chair by back. And this was when the shares were near their highs. So is completely ridiculous thing today may not make sense. It made no sense. I mean, we're the moves that he took did he benefit typically from those moves. Yes. Because he has the biggest shareholder. He would get a when they span spinoff company. Then he would be the biggest shareholder of whatever they spun off. Right. They spun off a big realist group of real estate into a re and he became the biggest shareholder of that. So he did benefit. And I think what happened was I think he really thought he would be a good operator. And when that didn't turn out to be true. Then he sort of tried to position herself to be in the best position possible. Let came right? I think. You you write about how he just kind of carved out choice investments for his cell. Did he care about the company because you do talk about I think money he put into some of the pension funds that he cared about workers working? Well, he had to do that. I mean, the government said, look, you're really underfunded and things aren't looking so good. So you kind of have to make those payments, right? But, but I think he always thought that somehow he'd figure out a way to keep the company going, right? But he didn't. But he didn't interesting too. Is you say that during the financial crisis? Right. He had an opportunity to let Lisa's go. Was it on some of the stores? Yes. And that was the most interesting thing because I hadn't really seen people talk about that. Yeah. But he did have a time right after the financial crisis for like three or four years a lot of the Lisa's. We're rolling off and he could have just turned into keys walked away. And then he would have automatically been had a lot fewer stores, and maybe maybe he could have survived with that. Right. But he actually renew the lease the lease because he was so sure the Bank. Though, do we know all the details about how this is going to work. There's gonna be a lot of fighting because there are so many. Perhaps less than arm's length transactions that they will people are going to line up and say, hey, you shouldn't have done that you shouldn't have paid rent. We shouldn't have paid your interest payment. It's gonna be a big big fight, and Eddie is also trying to come in and buy some of the real estate that's left again, like some of the choice holdings, and he's still going to be a billionaire, and he's still going to be a billionaire. Yeah. It's an amazing saga thirteen years and counting quite yet. Cathy. Thank you. Thank you. You're listening to Bloomberg BusinessWeek coming up, Amazon and WalMart or spending billions to.
"eddie lampert" Discussed on WBSM 1420
"In the near future it's sales continue to erode dropping more than thirty percent in the latest quarter from a year ago the department stores been caught in a vicious cycle shuttering weeks stores to reduce costs but even as it closes more stores sales paul further in the latest period sears said roughly two thirds of its sales decline was due to store closures so other words store sales were down thirty percent so two thirds of that was due to the fact that they had a lot fewer stores than they had a year ago but they were still down ten percent the good news is we're only down ten percent if you if you if you use comparable figures oh only down ten percent great the losses are mounting in the first quarter sears reported had a loss of four hundred twenty four million or three dollars and ninety three cents per share revenue fell more than thirty percent to two point eight nine billion from four point two billion a year ago same store sales were down twelve percent a nine point five percent drop at k mart in a thirteen point four percent decline at sears many industry experts are thinking now that the company is on the brink of feet filing for bankruptcy and they're talking now about they've already sold off their tool company brand and now they're talking about selling off the kenmore brand which is the the the appliances eight four four or five hundred forty two forty two seven a six one seven says controlling shareholder eddie lampert aka sears holdings is systematically looting the assets a normal owner would have liquidated two to four years ago i think it's it's hard as much money as eddie lampert has lost in this thing it's hard to say he's looting assets it's more it's more like he vandalized his own company and is now trying to take a few trinkets out you know but anyway this is a this is a larger problem i this this really fascinates me the klein of of retail in in main street america and malls to you know and there's there's a there's a big story in business insider about rolling acres mall in akron ohio they use that as the sort of the the the symbol for all the problems of malls across.
"eddie lampert" Discussed on CRYPTO 101
"Okay so we went to steve wynn and another guy co eddie lampert and loaned us five dollars which was a lot of money but it was a lot of money was a tough loan you know yet to perform guess what six months later repaid the loan was at triple the value oh while nice why because after we restructured the company relisted the company on the nasdaq and then we started building games right and we built a game called zork one of the first cd rom games and that was a hit and then we got lucky some of the games did well others didn't do well we moved the whole company from mountain view los angeles and the hard work started we had to hire people and frankly allow people just didn't like the company anymore because it was bankrupt and it was we were newbies we didn't know what we're doing so we had to hard new people with colleges and hire young people who were fascinated by the game business but not care about what we were doing you know as residence part and we did that and step by step rebuild the business and then we had to get more money so one wi high school friends introduced us to a bank and then they we raised another forty million and you know one thing led to the other we'd go to our retailers like walmart and they want to return all of the old stuff and we have to take it back it was a nightmare for a few years but after restructuring was done and we started building games like mick warrior and zork and pitfall and stuff that really worked ho pitfall.
"eddie lampert" Discussed on As It Happens from CBC Radio
"The blame falls on i someone name the alan lacy who is the ceo of sears roebuck who was appointed in two thousand five uh sears roebuck had just had its best year its history uh he flailed at his job for five years and then turned the company over to eddie lampert who um uh merged company with kmart march eddie leopard is a us based hedge fund operator who had not a sin of retail experience for background and didn't see sits higher anybody who did uh he's basically been hollowing out the company both in the united states and canada and uh you know without the benefit of cash tap it'll which is essentially money and you in capital which is leadership and talent uh businesses just can't survive certainly not retail businesses in every talking about how the retail hingis deed is is wobbly in all kinds of respects but the sears i mean if i'm not mistaken high brand recognition loyalty and was customers as you point out it had dissidents built in catalogue sales which translates into online sales so easily why wouldn't mr lampard have reinvested in the company and tried to to make a go of it well this is the question of the ages that's been asked about him and his behavior since he took possession of these companies uh thirteen years ago twelve thirteen years ago he hasn't reinvested any of the proceeds he's taken out of sears holdings either uh so why would he not reinvest well the answer is probably.