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Photo by Roberto Machado Noa/LightRocket via Getty Images

Sears may be the next legacy retailer to file for bankruptcy, with a stock price hovering at just over $2 per share and billions of dollars of debt. CEO Eddie Lampert acknowledges the long odds, and some of his errors, in a rare sit-down with Vanity Fair:

"We’re fighting to survive—that’s pretty clear."

More highlights from the Vanity Fair piece:

Lampert says that his disastrous 2004 merger of Kmart with Sears was designed to combine Sears product with Kmart's off-mall locations, in order to better compete with Wal-Mart:

“I’m not sure Kmart on its own could ever be a great retailer. But you put Kmart and Sears together, in combination they had a chance . . . Kmart had the locations and Sears had the brands.”

His early decision to invest more in e-commerce than in physical stores either was an idea ahead of its time, or just poorly executed:

"There are a lot of decisions made over a long period of time, including by me, that may not have been always the best decisions.”

Lampert declined to discuss his 2003 kidnapping, except to say of his abductors:

"They could have made a different decision—let’s put it that way.”

Former Sears Canada CEO Mark Cohen has some harsh words for Lampert:

"This is the creative destruction of a very weak brand [Kmart] and a perfectly viable brand [Sears], both of which together were doing something like $50 billion when he took over, and he’s getting away with it because he’s been able to treat this like a private company. No public company would ever allow a chief executive officer to remain in their seat who was so intimately tied to these manipulations and presiding over the failure of a business like this. This is not normal, if anything is normal these days. This is certainly not normal.”

Also notable is that Treasury Secretary Steve Mnuchin, a longtime Sears director and Lampert's college roommate, declined comment.

Go deeper

Trump can't quit mainstream media

Bob Woodward and Robert Costa are interviewed by Chuck Todd on "Meet the Press" in September. Photo: William B. Plowman/NBC via Getty Images

Bob Woodward and Robert Costa issued a rebuttal on Friday to a statement by former President Donald Trump that misrepresented their reporting — and once again showed the 45th president's thin skin about mainstream media.

Driving the news: "Former President Trump said ... our book, 'Peril,' implied that he was planning to go to war with China," the statement begins. "[W]e report that Chairman of Joint Chiefs Mark Milley 'believed that Trump did not want a war' before or after the 2020 election."

NY declares state of emergency amid concerns over Omicron COVID variant

Governor Kathy Hochul makes an announcement about a new plan transforming Penn Station on Nov. 3, 2021. Photo: Lev Radin/Pacific Press/LightRocket via Getty Images

New York Gov. Kathy Hochul on Friday declared a state of emergency amid rising COVID-19 cases and the newly-identified Omicron variant of the virus.

Driving the news: The declaration enables the state to acquire supplies to fight a potential surge in cases, increase hospital capacity and combat potential staff shortages, NBC's local affiliate reports.

4 hours ago - Health

First cases of COVID-19 Omicron variant discovered in U.K.

People wearing masks walk in London on Nov. 25. Photo: Li Ying/Xinhua via Getty Images

Two cases of the new COVID-19 Omicron variant were detected in the United Kingdom overnight, the U.K. Health Security Agency announced Saturday.

Why it matters: The discovery comes as the world scrambles to respond to concerns over the new variant, discovered in South Africa earlier this week.