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:
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:
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:
Lampert declined to discuss his 2003 kidnapping, except to say of his abductors:
Former Sears Canada CEO Mark Cohen has some harsh words for Lampert:
Also notable is that Treasury Secretary Steve Mnuchin, a longtime Sears director and Lampert's college roommate, declined comment.
