Sears is exploring a sale of its home improvement business following interest from potential suitors such as private equity firms, people familiar with the matter said on Wednesday.
Eddie Lampert, the hedge fund billionaire who promised to save 425 Sears and Kmart stores and roughly 45,000 jobs when he bought the company out of bankruptcy, has seen his $5.2 billion lifeline wither.
Eddie Lampert still has the lease on the space for $10 in annual rent.
Sears to close more stores
The new financing will go toward stocking Sears’ store shelves ahead of the crucial holiday shopping season.
Transform Co. is preparing to close more Sears and Kmart stores as the company moves toward small-format locations.
The businessman also said it's “unfortunate and unfair” that Sears has been singled out and that he has been “disparaged.”
Former Sears CEO Eddie Lampert is asking a bankruptcy judge to relinquish him from shelling out up to $43 million in severance pay because the bankrupt retailer failed to hand over "hundreds of millions of dollars of assets, reports said.
In an open letter, the Democrats from Massachusetts and New York questioned Mnuchin’s actions when he served on the company’s board.
The suit, which also names Steven Munchin, alleges Lampert stripped the iconic retailer of $2B in assets ahead of its bankruptcy.
Under the terms of the deal, ESL has promised to save 425 stores and roughly 45,000 jobs.
“He didn’t save Sears, he ran it into the ground.”
The storied retailer readies to sell itself in bankruptcy court.
The bid would be one more chance for the iconic retailer to escape liquidation.
The retailer’s death spiral may include its gift cards.