Sears Holdings Corp (NASDAQ: SHLD) is fighting
hard to remain relevant in the retail environment, but at least one former executive isn't offering any moral support or
encouragement.
In an interview with
TheStreet, Sears Canada's former CEO Mark Cohen blasted the company, including its most senior executive, CEO Eddie Lampert who doesn't have a proper strategy on the table to turn the
struggling retailer around.
In fact, the current professor at Columbia Business School believes Sears' game plan is to strip everything that will "burn
above the waterline of this ship" and throw it all into a boiler so the company won't sink. After that, the sinking ship will be
re-floated into a "smaller boat" — only for this process to repeat itself until there is "absolutely nothing left."
Sears' woes unfortunately extend to the highest levels of management, namely Lampert himself who is "either dishonest,
delusional and disingenuous or some combination of the three."
Unfortunately for Sears, the business can no longer be saved, Cohen stated. The company's reputation with both customers and
vendors has suffered to the point where there is "no capacity to operate as a successful company."
"If you can find someone with something positive to say about Sears, you are talking with an employee of Lampert," the retail
expert told TheStreet. "Sears is like an ATM machine for Lampert; he has his hands on it."
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