Melissa Uribe (english/español) 510-863-4011, [email protected]
FOR IMMEDIATE RELEASE: November 8, 2019
NATIONWIDE — The latest round of Sears and Kmart store closures are pushing thousands more to join the 1.3 million people who have lost their retail jobs at the hands of private equity and hedge fund. The so-called “retail apocalypse” is largely fueled by private equity and hedge fund billionaires, like Eddie Lampert, whose ruthless tactics are destroying working people’s livelihoods, communities, and the economy.
Victor Urquidez, Assistant Manager at a Sears Auto Center in California, released the following statement regarding the recent news of additional store closures:
“Eddie Lampert claimed he bought Sears out of bankruptcy to save our jobs, but it is nothing but a cover for him to squeeze whatever profit is left out of Sears to line his own, billionaire pocket. I have a family to take care of, mouths to feed, bills to pay and as the sole provider for my family, I can’t bear the thought of being jobless. My job at Sears is what helps my family survive. I’ve given 110% to the company in the 8 years that I’ve been with Sears, and in the end it is me, my coworkers, and our families that are paying the price for Lampert’s game to enrich himself.”
Sears billionaire CEO Eddie Lampert stripped Sears of key assets and spent $6 billion on stock buybacks while destroying 250,000 jobs and enriching himself and his investors in the process.
Committed to holding Eddie Lampert accountable for his reckless business decisions, earlier this year, Sears and Kmart employees across the country united with Toys ‘R’ Us families to call for policymakers and Wall Street to protect their livelihoods. Together, with United For Respect, retail workers across the country are taking their fight to Congress to expose the disastrous effects private equity and hedge funds have on families, communities, and the economy.
The adverse effects of private equity have impacted so many lives that the powerful House Financial Services Committee is set to discuss the issue at a hearing on November 19.
Former and current employees at Sears/Kmart are available to comment on the recent news of Sears stores closing. If you’d like to speak with an employee, please contact Melissa Uribe at 510-863-4011 or [email protected]
Find information on the November 19 House Financial Services Committee hearing entitled: “America for Sale? An Examination of the Practices of Private Funds” here.