Sears stores across the country closed down earlier this week. (Alistair Waters/Capital News)

LETTER: Demise of Sears result of economic piracy

Re: Shopping model we know will soon come to an end (Gazette, Jan. 3)

The writer makes an excellent argument about the demise of auto-dependent shopping. However, is this really relevant to the demise of Sears?

Sears was one of the pioneers of non-auto shopping over 100 years ago. The physical catalogs and ordering by mail were not as fast and convenient as today’s on-line shopping but the result was the same: shoppers could order products that they had only seen in photos and the products would be delivered to their homes. No automobile was required.

The demise of Sears Canada was caused by an act of economic piracy. A group of unethical people obtained control of the shares of Sears Canada. They voted themselves huge dividends that stripped the company of funds – including funds needed to fulfill pension obligations. There is nothing illegal about that shameful treatment of Sears Canada. This proves that we need a law to ensure that pension funds must be covered before cash is paid out to shareholders.

It is a shame that we need laws to force immoral, unethical people to act with honour.

David Stocks

Colwood


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