Eddie Lampert, on Monday sent a shocking email to Sears’ employees which announced his stepping down from the post of CEO. The email also mentioned that Sears Holding is filing for bankruptcy.
Lampert in his email wrote clearly that he has finally decided to step down as the CEO of the company. Eddie said that this decision was hard and he has put in a lot of thinking in it. He also said that this doesn’t mean that he will leave the company forever. He will be the chairman of the company’s Board of Directors.

When asked why they were filing for bankruptcy, Eddie said that the company is unable to adjust to the difficult retail environment. The low-interest rates are affecting the legacy liabilities. And the employees, even after such an experience are unable to give satisfactory performance.

He assured the employees that their wages and benefits shall not be compromised by the filing.

Source- Business Insider

The interesting thing about his email was the subject he mentioned. The subject was mentioned as “Path for Sears Holding.” The mail focused on how he desires the future of the company to be. And how he will be transferring the different responsibilities to his subordinates.

Read more:  Jim Cramer warns against buying shares of Snap Inc.

Source- Business Insider