Sears Is On The Brink Of Catastrophe As Stores Closures Loom And Top Execs Flee The Company
Things aren’t looking good for Sears.
The company is shutting down dozens of Kmart stores this month and two of its highest-ranking executives left this week in the midst of the key holiday shopping season.
Jeff Balagna, formerly Sears’ executive vice president, left the company Wednesday, “in order to focus on his other business interests and pursue other career opportunities,” Sears said in an SEC filing dated November 23.
Balagna did not respond to a request for comment. Sears declined to comment beyond what was stated in the filing.
Sears President and Chief Member Officer Joelle Maher also left the company this week, Sears confirmed to Business Insider. The company declined to give a reason for her departure.
The timing of the departures — so close to Sears’ upcoming third-quarter earnings report and in the middle of the holiday season — is “highly unusual,” according to Mark Cohen, director of retail studies at Columbia Business School and the former CEO of Sears Canada.
Cohen, who was fired from Sears in 2004, is an outspoken critic of the companyand its CEO Eddie Lampert. He speculated that the timing of the departures could be indicative of something “catastrophic” in its upcoming earnings report.
The company declined to comment on Cohen’s remarks.
Sears will report its third quarter earnings on Thursday, and Wall Street is predicting a 14% revenue decline to $5 billion compared to the same period last year. Sears’ sales have dropped from $41 billion in 2000 to $15 billion in 2015. Kmart, which merged with Sears in 2005, has seen its sales plunge from $37 billion to $10 billion in the same period.
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