It was the place he would go to get tires. "There are so many pressures today, I don't think that Sears is going to be able to survive," Vicki Howard, author of "From Main Street to Mall: The Rise and Fall of the American Department Store," told CNBC. Lampert and his team are still looking for ways to raise liquidity, including other asset sales. Since its merger with Kmart in 2005, Sears has since spun off Lands' End, sold the Craftsman tool brand to Stanley Black & Decker and closed hundreds of stores, roughly 250 of which were put into a real estate investment trust offshoot known as Seritage. Consumers fundamentally changed their behavior, becoming more price sensitive, doing more research and shopping online, and the shift away from the mall sped up. "We intend to build on the historic strengths of both, while overcoming some of the more recent weaknesses," he said at the time.īut Lampert told CNBC earlier this month that the company had a difficult time clawing its way back, especially in the wake of the Great Recession. Lampert's vision, as described in a chairman's letter in 2005, was to create a "performance-oriented" company. I've tried to make sure that the stores we operate are profitable." Target walked away from Canada," he said. Sycamore has walked away from certain businesses. "Leonard Green walked away from Sports Authority. Some applauded him for his efforts during a Q&A session.Īfter the meeting, Lampert spoke with CNBC and made it clear he wasn't ready to leave Sears just yet. A crowd of roughly 70 shareholders and a smattering of employees sat engaged as he spoke. This was the theme of the company's latest shareholder meeting, where he highlighted the fact that Sears was able to eek out a profit during the latest quarter. It's been strapped for cash and grappling with mounting liabilities, with much of Wall Street and other industry experts convinced there's no hope of a turnaround in sight.įrom this point, Sears CEO Eddie Lampert envisions a much smaller business and his goal is still to get back to profitability. The declining market capitalization reflects the stress the retailer is under. He has also starred in Wayne’s World and the Shrek films, and will be seen in the upcoming film Terminal with Margot Robbie.Sears shares hit an all-time high of $195.18 in April 2007, but currently trade under $4 apiece. Mike Myers got his start at Second City before becoming a featured performer on SNL, where he earned an Emmy for outstanding writing.
“As part of the CCAA proceedings, Sears Canada is not able to make payments to certain creditors, including severance payments to employees whose positions were eliminated,” the statement said. Sears Canada on June 22 announced the loss of around 2,900 jobs and the closing of 59 stores as it restructures.Ī Sears Canada spokesperson, while not commenting directly on Peter Myers’ case, told THRthe retailer can’t make severance payments while under court-ordered creditor protection. You of all people should know not to believe everything you read in the papers,” a cheerleading Peter Myers tells his younger brother. The 2014 ad, which has received more than 1.5 million YouTube views, features Mike Myers asking his brother if Sears Canada is going out of business in response to earlier media reports. Mike Myers could not be directly reached for comment as the bricks-and-mortar retailers on both sides of the border continue to shed jobs in the face of competition from Amazon and other e-commerce giants. “He said, ‘You’ve worked for all these years, and was that worth nothing to them?'” Peter Myers, 59, told the CBC News website Thursday. And the Hollywood star isn’t happy his older brother has been shown the door.