Comment by andrew_lettuce

Thank you for bringing this up. Sears really didn't have a choice, they were a victim of the most pernicious LBO, Gordon Gecko-style strip mining nonsense on the PE spectrum. All private equity is not the same but after seeing two PE deals from the inside (one a leveraged buy out) and another VC one with the "grow at insane place" playbook I think I prefer the naked and aligned greed of the VC model; PE destroyed both of the other companies while the VC one was already doomed.