Sears spent $6 billion on stock buybacks after 2005 instead of upgrading stores or building e-commerce. Revenue collapsed from $44 billion in 2010 to half that in seven years while leadership chose to prop up share price over fixing the business.
Are you in the deal room? And buying back its own stock after 2005. Think about that. While their stores were getting old and dingy, while their website was a decade behind, and while new competitors were eating their lunch, the leadership decided the best use of $6 billion was to prop up the stock price instead of actually fixing the business. And you can see exactly what happened right here on this chart. The company's revenue just went into an absolute freefall. I mean, from $44 billion in 2010, their sales were literally cut in half in just 7 years. All that financial wizardry did absolutely nothing to stop the bleeding where it actually mattered, in the stores. So you have to be asking, why?
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