Sears Chairman Eddie Lampert “is preparing to deliver more lumps of coal this Christmas,” reports the New York Post.
That means more layoffs and store closings for the retailer. Reports CNN Money, “Sears is closing 77 Sears and Kmart stores and cutting 5,300 jobs. And that’s not even the worst news.
“The fact that most of these stores will close before Christmas is akin to raising a white flag, since holiday sales are the lynchpin for any retailer’s entire year.
“ ‘They’re not giving anybody confidence that they’re going to be around long-term,’ said Allan Ellinger, senior managing partner at MMG Advisors, an investment bank that specializes in fashion and retailing. “It’s sad — these were once among the industry’s leading brands.’ ”