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Sears chairman fires back at investors

12/3/2007

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.

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