Eddie Lampert – Just The Facts—Sears Canada

Eddie Lampert – Just The Facts—Sears Canada
By Nicholas Eckhart from Elyria, Ohio, United States of America (Former Sears Trotwood) [CC BY 2.0], via Wikimedia Commons

Eddie Lampert on Sears Canada via  Eddielampert.wordpress.com

I have been asked by numerous media outlets for my comments about the failure of Sears Canada and, in particular, about the dividends paid in the past and their impact on the pension plan. While I take no issue with the decisions that the board of Sears Canada made with regard to dividends and certain real estate sales, I have to emphasize that I have never served as a director or officer of Sears Canada, so I don’t have firsthand knowledge of their internal deliberations and the alternatives considered. I would also note that the dividends paid in 2012 and 2013 represented roughly 50% of the proceeds Sears Canada received from the sale of assets in those years and that the company retained over C$500 million in cash after the dividend payments, with virtually no funded debt. This substantial amount of cash was available to be used in the company’s operations going forward.

While this knowledge cannot change the impact that the failure of Sears Canada has had on many people, particularly its employees, I believe these facts should at least be properly understood given the distorted narrative featured in the media to date.  Further context on these topics is available below for those interested in the complete picture, which has been largely ignored despite the time and opportunity to present fair and balanced coverage.

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