Featured Executive: Eddie Lampert
"We don't need more customers. We have all the customers we could possibly want," Sears CEO Eddie Lampert said at the company's annual shareholder meeting.
In a post on the Hoffman Estates, Ill.-based company's website, Lampert argued that Sears has made "significant progress" in reducing its debt, achieving $700 million in savings since the beginning of the year. Sears announced plans to save an additional $250 million through store closures and job cuts and aims to slash $1.25 billion this year. Lampert also expressed high hopes for the chain's "Shop Your Way" customer loyalty program. The billionaire hedge-fund tycoon arranged the 2004 merger created the current iteration of the 124-year-old retailer.
Lampert also blasted the "many commentators" who "have rushed to conclusions" about Sears' future. "Not only have these predictions been off the mark and based on incomplete and selective information or biased sources, but they have also been harmful," Lampert said. "We have spent a lot of time educating many external stakeholders — we need each other for success — and while it hasn’t been easy, we are still here and fighting hard."
Read more of Lampert's comments by clicking here.