Long-time readers know how much I hate what Eddie Lampert has done to Sears (recent example here). Now, apparently, even he thinks the company is done for:
Edward Lampert's proposed debt reduction plan for Sears Holdings is noteworthy for what it doesn't include: any commitment of new funds from the hedge fund mogul/CEO himself for the floundering retailer he has controlled since 2005.
That may be why the plan landed with such a thud on Wall Street. Sears stock tumbled 7 percent after Sears disclosed Lampert's proposal Monday, retraced some ground to close off 2 percent, and then fell another 5 percent early Tuesday. At $1.17 per share late yesterday, Sears was down about 99 percent over the past decade.
Investors have come to expect Lampert to underwrite continuing losses at Sears, which has lost a total of $6.8 billion since 2013. Lampert and affiliates advanced Sears more than $2 billion in the past few years.