Sears is an icon of American retail. It’s been around since 1893 and served as a staple for many consumers for much of that time. But in recent years, under the stewardship of CEO Eddie Lampert, it’s turned into a money pit. Today, it announced a quarterly loss of more than $500 million. Last quarter, it lost more than $400 million. And the long-running decline is accelerating.
Lampert, in a statement, called the company’s results “unacceptable.” Executives on a conference call with investors and analysts said lagging consumer electronics sales and promotions were to blame.
“I think what we all have to realize is that every time they report a quarter, they’re telling the world they’re one step closer to death,” Belus Capital Advisors CEO Brian Sozzi told Quartz. “Sears comes out with all sorts of programs, what they’re doing online, and the Shop Your Way rewards program, but the stores inside and out are just not set up to compete with what Wal-Mart, Best Buy, and Target are doing.”
Sozzi says that’s the result of years of underinvestment and neglect in its stores.
The results for the three months ended Aug. 2 mark the company’s ninth straight quarter of losses:
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