Its probably better to say that “Sears” is literally the board who hires the executive leadership. The execs have a lot of discretion but ultimately they are taking their marching orders from the board.

In turn the board was supposed to serve the shareholders but, oops, on a BK the shareholders are screwed. So basically the creditors now own the thing.

Once you’re in that spot, though, what are you going to do? Fire all levels of management above the store level? It’s not impossible but it would create absurd levels of additional risk and delay.

Sears is a public company. You probably own some fraction of it.

Sears is a publicly traded company.