As the Sears ship continues to sink into the depths of devalued stock prices, irrelevancy and non-existent sales, the rats scurrying for dry ground have expanded from executive talent to activist investors.   Noted activist investor Bill Ackman has reduced his SHLD holdings by 92.5 percent. When an activist like Ackman dumps like that, he has probably decided that nothing he says or does will make a difference.

So why did Ackerman bail?   In fairness to Sears, he may have simply decided that the the current state of the retail sector merited a pull out. He however does not appear to have reduced his Target holdings.   It is more likely  that he finally came to the conclusion that there is nothing he could offer that was going to stop the SHLD free-fall or turn company fundamentals around for the long term. He realizes that changes such as the return of layaway are simply desperation gimmicks and not fundamntal changes.  It is also more evidence of the either unwillingness or personality inability of Sears chairman Eddie Lampert to listen to anyone with real world experience.  If you do not have a Ivy League MBA you have nothing meaningful to say to him. Maybe all the Harvard, Yale and other big time MBA types at Sears can waterproof their degrees to use as as rafts when Sears finally goes under.