Sears’ Lampert Predicts Retail ‘Headed to Where We Already Are’

Sears Holdings’ CEO Eddie Lampert strongly defended his company in his annual letter to shareholders, saying not only does he believe Sears is headed in the right direction, but that "the entire retail industry is headed to where we already are." The letter was released yesterday, the same day the retailer released its fourth quarter and fiscal year results. Sears lost $1.36 billion last year as sales continued to fall and it closed stores as part of its plan to transform itself into a "member centric" retailer.