Eddie Lampert's Letter to Sears Shareholders
I am writing to you after my first full year serving as both
your Chairman and Chief Executive Officer.
While our financial results remain challenged, 2013 may have
been the year that justifies why so many people across Sears Holdings have been
working for several years on our transformation from a traditional, store-based
retailer to a membership company that serves its members across an integrated
retail platform.
Furthermore, if the way the entire American retail industry
ended 2013 is any indication, I believe 2014 may well be a year in which Sears
Holdings begins to clearly demonstrate the advantages of this transformation.
That may sound odd given our financial results, but this
letter will detail why I believe that. To be clear, it is not because our
performance is where we need it to be. It isn't. But not only do I believe that
we are headed in the right direction in important ways, I believe the entire
retail industry is headed to where we already are.
