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CEO Eddie Lampert says Sears is shrinking in a fight to stay alive

Lauren Thomas

Sears Holdings SHLD CEO Eddie Lampert admits his retail empire isn't what he imagined it would become when he brought Sears and Kmart together 13 years ago. He had his eyes set then on being "the next Warren Buffett ," and Sears Holdings was supposed to be his Berkshire Hathaway, says one former top Sears executive. Sears and Kmart were already lacking so many resources, namely investment capital to fend off online upstarts like Amazon AMZN , and an experienced bench of retail executives, so these early cuts took an enormous toll.

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