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April 23, 2019

On This Day in 1947
Five hundred workers in Texas City, Texas die in a series of huge oil refinery and chemical plant explosions and fires.
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It Was Vulture Capitalism that Killed Sears
Posted On: Oct 17, 2018
October 17, 2018 | ECONOMY | If you’ve been following the impending bankruptcy of America’s iconic retailer, as covered by print, broadcast, and digital media, you’ve probably encountered lots of nostalgia, and sad clucking about how dinosaurs like Sears can’t compete in the age of Amazon and specialty retail. But most of the coverage has failed to stress the deeper story. Namely, Sears is a prime example of how hedge funds and private-equity companies take over retailers, encumber them with debt in order to pay themselves massive windfall profits, and then leave the retailer without adequate operating capital to compete. Part of the strategy is to sell off valuable real estate, the better to enrich the hedge fund, and stick the retail company with costly rental payments to occupy the space that it once owned… American Prospect 

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