Eddie Lampert, the chairman and chief executive of Sears Holding Corp., is blaming Sears Canada for exacerbating its problems before it filed for creditor protection.
Lampert’s ESL Investments is the largest shareholder in Sears Canada, which is in the process of liquidating and closing its stores.
In a post on his blog, Lampert says the retailer’s reinvention strategy was risky and untested.
He says ESL raised concerns about the plan that included investing in sales growth with the objective of emerging as a more competitive, successful retailer.
However, Lampert says management decided to proceed with the plan and the company’s operating losses and cash drain worsened.
Lampert posted the comments in response to a report by the Globe and Mail that chronicled Sears Canada’s troubles.