Sears chairman fires back at investors

HOFFMAN ESTATES, Ill. Sears Holdings chairman Eddie Lampert fired back at investors and analysts last week for their disregard of the retailer’s progression.

Lampert defended the company in a letter to employees on Friday, one day after Sears posted a 99% drop in earnings and a 3% slide in revenues for the third quarter.

"We are one of the few retail companies that have actually reduced our overall debt levels while at the same time investing over $1 billion on capital expenditures, making investments in inventory for our customers, contributing significantly to our pension plans for our past and future retirees, and repurchasing over $3 billion of our shares," Lampert wrote in the letter, filed with the Securities and Exchange Commission.

Sears Holdings is the fourth largest retailer in the United States.