Sears Closes Stores as Its Chairman Purchases Mansion

In the final three months of 2011, Sears lost $2.4 billion and announced in December that it would eliminate 100-120 stores.  That will surely bring layoffs of thousands of people.  Its chairman, Edward Lampert is about to purchase a $40-million home in Indian Creek Island, north of Miami.  Meanwhile, Florida is taking the biggest hit of Sears' layoffs.   Lampert also runs ESL Investments, a hedge fund.  Most informed and educated Americans are outraged at this sight of hedge fund managers and billionaires who layoff workers and then use their many millions to splurge on themselves.

http://www.huffingtonpost.com/2012/03/06/eddie-lampert-home_n_1324122.html

http://www.huffingtonpost.com/2012/02/23/sears-earnings-4q-2011_n_1296451.html