Sears Closing Another 66 Stores; Joe's Crab Shack Files For Bankruptcy

Here's another example of when cornered hacks blame "fake news" or in this case, the "irresponsible media" for their gross incompetence, only to prove the media very much responsible and unfake.

One month ago, Sears CEO Eddie Lampert blasted the media for "unfairly singling out" the company over the past decade and blamed "irresponsible" coverage for the retailer's woes. Sears, once the largest U.S. retailer, recently hit rock bottom and continued to dug when it warned investors in March there was a chance it may not survive after years of losses and declining sales. Still, that very warning did not prevent Lampert from lashing out at those who have - correctly - been warning that his company bankruptcy is just a matter of time, and back in May he kicked off the company's annual shareholders' meeting at the company's HQ with a 12 page slideshow of headlines about the company's financial distress, dating back to 2008 (Lampert is known for his peculiarities, collecting morbid headlines about his biggest asset was not known to be among them).

"You'd think it was from a month ago, but it's literally been going on for a decade," Lampert told the handful of furious Sears shareholders in attendance who have seen the value of their stock wiped out over the years.

There were other fireworks during the meeting, like for example when Lampert compared Sears - which hasn't posted a profit in six years - to Amazon's early unprofitable growth. He predicted people will look back and wonder how they missed the Sears' turnaround. The audience was not amused, and six shareholders questioned Lampert, including one asked if Lampert was paranoid and in denial about the company's losses.

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