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.