The Sears death watch continues. Eddie Lampert's combination of incompetence and narcissism has now officially destroyed Sears Canada:
Sears Canada plans to liquidate its remaining stores with the loss of about 12,000 jobs, unable to fend off the march to online shopping after operating in malls and towns across the country for 65 years.
The Toronto-based chain will seek court approval for the filing on Friday and begin liquidation sales at its remaining 150 stores on Oct. 19 at the earliest, according to a statement Tuesday. The move follows a last-minute attempt by Executive Chairman Brandon Stranzl, backed by Blackstone Group, to put together an offer to save the retailer.
But the company said it didn't receive a viable bid to keep the stores operating as a going concern. Sears Canada filed for creditor protection in June with liabilities of $880 million in U.S. currency and had been gradually closing its 225 stores.
This comes just five days after Lampert invested $100m more of his own money in keeping Sears Holdings afloat. Good luck with that.
I think the only justifiable outcome here is for Lampert to become destitute, and then not die or become homeless because of government aid.