Sears CEO Eddie Lampert blasts critics for 'harmful' treatment

Sears CEO Eddie Lampert passionately defended his strategy for rehabilitating the troubled department-store chain on Thursday, as the retailer fends off mounting speculation that it is headed toward bankruptcy.

The typically press-shy Lampert said in a blog post that the company is “fighting like hell” to turn the corner, repeating a phrase that he delivered a day earlier in a rare interview with the Chicago Tribune. He also reportedly made similar comments at the company's annual meeting on Wednesday.

The tough words didn't matter much to investors Thursday as Sears shares became caught in the retail-stock undertow of Macy's earnings miss. Sears shares fell 9.6% to close at $10.16, down $1.08. The stock is still up about 10% on the year.

Taken together, Lampert's communications reflect a newly assertive phase for Sears as it grasps for a turnaround following a period of escalating losses and store closures.

Lampert blasted the "many commentators" who "have rushed to conclusions" about Sears' future.

"Not only have these predictions been off the mark and based on incomplete and selective information or biased sources, but they have also been harmful," Lampert said. "We have spent a lot of time educating many external stakeholders — we need each other for success — and while it hasn’t been easy, we are still here and fighting hard."

The speculation, however, was partly fueled by Sears, which told the Securities and Exchange Commission in March that there was "substantial doubt" it would survive.

The company recently sold its prized Craftsman brand for $900 million to raise capital, announced 150 store closures and set a goal of $1.25 billion in cost cuts for 2017.

Sears has already shed $700 million in costs, Lampert said Thursday.

He also argued that the company's enhanced loyalty program, dubbed Shop Your Way, paired with a store credit card are generated "transformational changes to our business."

When asked by the Tribune in an interview published Wednesday why the company would not file for bankruptcy, Lampert cited "a lot of human costs to doing it," including the potential impact on pensioners.

"We have as much time as our vendors and our lenders and our shareholders are willing to give us," he said in that interview. "It's up to us to basically demonstrate to people that we can drive results to get people behind us."

Follow Paste BN reporter Nathan Bomey on Twitter @NathanBomey.