"He's moving money from one pocket to the other pocket, and he's protected himself on both sides one former vice president said.
The stakes were high.But in many ways it backfired.At least 67 executives vice-president level or higher have left the company just within the past two years, according to LinkedIn data.ESL holds a majority share of Sears, and that stake has lost three-quarters of its value just in the past few years more than.5 billion since early 2015 alone.None of the three responded to Business Insider's requests for comment on their departures.A hard look at the numbers shows that Sears Holdings looks nothing like a fast-growing tech company.But in their lawsuit, shareholders accuse Lampert of stripping Sears Holdings of its core assets to benefit himself and his hedge fund.Senior executives say Lampert has cut investments in stores because he's trying to turn it into a tech company that collects and sells customer data through the Shop Your Way program.
Skye Gould How Sears would raise that money "remains unclear according to Kirk Ludtke, an analyst at Cowen.
He has publicly compared Sears ' strategy to Apple's and Microsoft's, and in his most recent letter to shareholders, he said that Sears is trying to meet new customer needs like Uber, Amazon, and Tesla are doing.
A user who goes by the name Eli Wexler posts frequently on the site, asking questions such as if a 2,495 handbag is "too expensive, or is it worth it?" In 2013, Bloomberg reported that Eli Wexler is a pseudonym for Lampert himself.
"Then there would be a 45-minute rant." Lampert's management style including the harrowing videoconferences has been questioned before.
"He has just gone rogue." Business Insider spoke to several store-level employees who said the stores are severely understaffed, with some operating on fewer than half of the employees they need.
At checkout, flash your, member Number on our mobile and - Voila!"In an environment where new companies like Uber can raise almost unlimited capital, what are the implications for older companies that are held to a very different standard when it comes to profitability and regulation?" Lampert wrote.In a July 2013 Bloomberg Businessweek profile that focused on the fierce eon reward hub competition between business units, the CEO defended his approach as a way to "drive decision-making and accountability at a more appropriate level." But the situation has taken on a far greater urgency.In return, Sears pays origination fees and interest directly to ESL, and, by extension, Lampert."Eddie Lampert used his position at Sears as its CEO and controlling shareholder to further his and his hedge fund's interests rather than the best interests of the company by spinning off its crown-jewel assets to the reit at an unfair price said Ned Weinberger."He would find a hole in the data and then explode the executive said.The meetings typically start with a presentation, and then Lampert fires off a series of questions to the presenter until he finds one that the person can't answer, one former vice president said."That guy" meant Lampert, who would soon appear on a giant projector screen at the front of the room, beamed in live from a home office inside a 38 million Florida estate 1,400 miles away from headquarters.Reuters Lampert, a former Wall Street prodigy, took control.Requests to interview Lampert were also declined.But no one really knows what's going to happen.
They say the Seritage deal unfairly enriches Lampert at the expense of other Sears investors, as the stores were sold well below market rates.