The SPARK presents "Cannibalizing Sears to Benefit Wall Street"
Important Venue Notes
--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.