President Donald Trump slammed the management of Sears Holding Corp. after the longtime retailer filed for bankruptcy protection on Monday.
“Sears has been dying for many years,” Trump told reporters while departing for a tour of the damage wrecked by Hurricane Michael.
“It’s been obviously improperly run for many years and it’s a shame," Trump added.
As Bloomberg News reported Monday, Secretary of the Treasury Steven Mnuchin was a member of the company's board of directors from 2005 until after the presidential election in 2016.
Sears' Chairman Eddie Lampert was Mnuchin's college roommate and attended his confirmation hearing in January of 2017.
During his confirmation, Mnuchin said Sears "was already a failing issue" prior to Lampert's investment in the company.
Mnuchin invested $26 million in Lampert's hedge fund.
“Somebody that is of my generation, Sears Roebuck was a big deal,” Trump said. “So it’s very sad to see.”