The SPARK presents "Cannibalizing Sears to Benefit Wall Street"



111 E. Kirby

Important Venue Notes

111 E. Kirby at John R, by the Detroit Institute of Arts, near WSU in Detroit. Parking: Free lot next door on Kirby. Doors open 4:30 p.m. for coffee, tea, cold drinks. Meeting starts promptly at 5:00 p.m.



--In 2000, Sears had 5670 stores, and over 500,000 workers. Today there are fewer than 1,000 stores and 50,000 workers. And Sears is in bankruptcy. --Some pretend Amazon and on-line shopping are the cause. No, it's pure old capitalist greed that did in Sears. --As the economic crisis developed, Wall Street searched for companies to plunder. The "hedge fund" ESL grabbed Sears, put it deeply in debt. Sears' well-known brands were sold off. Stores were closed, workers cut, workers' wages cut, retirees stripped of their benefits. --It was a disaster for those who worked at Sears or retired from it. It was a big problem for all those working people who depended on Sears for household items, appliances, paint, tools and car batteries and tires. --But it meant big bucks for the Wall Street buzzards who turned themselves into billionaires scavenging the last bit of meat from a company's carcass. --What happened to Sears has been happening across the whole economy. Capitalism, in the midst of crisis, chews up and spits out what it once built.