Sears Holding President and CEO Eddie Lampert blames Sears Canada for exacerbating its problems before seeking court protection from its creditors.
ESL Investments, a property of Mr. Lampert, is the largest shareholder of Sears Canada, which is in the process of liquidating its inventory for the purpose of permanently closing its stores.
In a post posted on his blog , Lampert said the retailer’s reinvention strategy was risky and untested.
According to him, ESL raised some concerns about the plan, which was to invest in sales growth in the hope of emerging as a more competitive retailer that would be more successful.
However, Lampert says management has chosen to move forward with the plan and the company has increased its operating losses and the depletion of its cash reserves has accelerated.
Mr. Lampert posted his comments in response to an article in The Globe and Mail, which focused on issues known to Sears Canada .
Lynn Letang is a reporter for Business News Ledger. After graduating from college, Lynn got an internship at NPR and worked as a reporter and producer. Lynn has also worked as a reporter for ESPN. Lynn covers business and community news, issues and stories for Business News Ledger.