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Does Eddie Lampert really envision ($) his just-revamped Sears Holdings as operating along the lines of Warren Buffett's Berkshire Hathaway, "in which managers are given a long leash to run businesses, and Mr. Buffett doesn't get involved in their day-to-day operations." Really?

So if the head of the head of the brands business, one of the five operating units Lampert will divide Sears into, wants to, say, sell Craftsman tools and Kenmore washers through Target, that would be OK operating businesses guy, who'd presumably prefer to keep Craftsman and Kenmore exclusive to Sears stores?

Or the head of the real estate unit can sell a highly profitable Sears location (assuming there are any left) to Kohl's, unhindered?

I admit I haven't looked at this closely, but I don't see how each unit head can truly run his business autonomously without potentially severely affecting the others. A central arbiter with the power to occasionally slap down business heads' plans is required, yes? The only way that Lampert's new scheme makes sense is if it's a first step in a slow-motion liquidation. But what do I know?

Matt Stichnoth

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