How Sears wasted $6 billion that could have kept it out of bankruptcy

By Chris Isidore

“It sure wouldn’t have hurt. Sears’ ability to stay in business is in doubt after the company filed for bankruptcy protection this month.

Yet Sears spent $6 billion buying back its own shares since 2005 in a futile effort to help support its stock price. The stock plunged more than 99% in value, from a high of $143.91 in 2007 to less than $1 a share a couple of weeks before its bankruptcy filing. In bankruptcy, the shares are essentially worthless.”…
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