Newspaper article The Canadian Press

Lampert Blames Sears Canada Management for Exacerbating the Retailer's Woes

Newspaper article The Canadian Press

Lampert Blames Sears Canada Management for Exacerbating the Retailer's Woes

Article excerpt

Lampert blames Sears Canada management

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TORONTO - Eddie Lampert, the chairman and chief executive of Sears Holding Corp., is blaming Sears Canada for exacerbating its problems before it filed for creditor protection.

Lampert's ESL Investments is the largest shareholder in Sears Canada, which is in the process of liquidating and closing its remaining stores.

In a post on his blog, Lampert says the retailer's reinvention strategy was risky and untested.

"In particular, ESL noted that it would be risky and unwise for the company to pursue additional borrowings on onerous terms to fund a new, untested strategy," he wrote.

"Despite this advice, management decided to proceed with these actions and the company's operating losses and cash drain rapidly worsened. …

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