Sears has imploded under the leadership of former Wall Street wunderkind Edward S. Lampert.
Lampert merged Sears and Kmart in 2005 and later spun off or sold some of the company’s key real estate and brands including Lands’ End and Craftsman. Since the merger, Sears’ sales have dropped more than 70% to less than $17 billion, its store count has fallen to under 700 from nearly 4,000, and its stock value has plummeted to about $0.36, from $68.
The fate of the 125-year-old company and its 68,000 employees is now being decided in bankruptcy court.
Regardless of what happens to Sears, however, Lampert could make it out just fine.
Lampert is the company’s largest shareholder and creditor, and he’s among the first in line to be repaid if Sears runs out of money.
Lampert also benefits from his positions as chairman and key stakeholder in Seritage Growth Properties, a company he created in 2015 that earns money off the closure of Sears stores.
Forbes still reports he is worth $1 billion.
Read more starting at ‘Sears’ creditors are now reexamining Lampert’s loans and’ at…
Eddie Lampert steered Sears into bankruptcy, but he’s found ways to gain if it sinks