More delusional rumbling from the company we once knew as Sears. According to this Retail Dive report CEO Edward Lampert claims Sears has all the customers it could possibly want.
Sears Holdings Corp CEO Edward Lampert reassured shareholders that despite unfavorable media coverage the retailer is on its way to recovery. “We don’t need more customers. We have all the customers we could possibly want,” he said at the company’s annual shareholders meeting Wednesday. Fortune confirmed the comments with a Sears spokesman.
Lampert, who compared Sears’ and Kmart’s years-long profit drought to Amazon’s sales-building days, also blasted coverage of the retailer as “deliberately unfair” and “meant to scare our vendors,” which he said then costs retailers because vendors thereby accrue leverage in negotiations, the Chicago Tribune reports.
Sears, in March, expressed diminished hopes in its ability to continue operating, according to its annual report filing with the Securities and Exchange Commission.
Lampert apparently demonstrated frustration with what he characterized as untrue news reports about the company’s fortunes. Sears Holdings executives, including Lampert, have often taken to the company’s blog to refute rumors about store closings, vendor tussles and even the utter collapse of its Kmart division.
But by and large, the media is reporting facts and figures from analysts and the company’s own financial disclosures and press releases. In December, Sears reported its 20th consecutive quarterly sales and revenue miss, and announced then it will accelerate the closing of unprofitable stores to combat declines.
From the backwoods of Michigan, Thomas Dishaw is writer and health hacker. Thomas currently resides outside Philadelphia with his wife and dog. You can support Thomas' work by making a donation below or following him on Instagram. You can reach Thomas via email at email@example.com.