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Sears chairman Eddie Lampert offers to buy Sears out of bankruptcy, including 500 stores
Source: USA Today
Sears chairman Eddie Lampert offers to buy Sears out of bankruptcy, including 500 stores
Nathan Bomey, USA TODAY Published 9:14 a.m. ET Dec. 6, 2018 | Updated 9:20 a.m. ET Dec. 6, 2018
The chairman and largest investor in Sears Holdings is offering to buy the retailer out of bankruptcy — including 500 of its remaining stores — in what may amount to the chain's last hope to survive its precipitous decline.
Sears chairman and hedge fund investor Eddie Lampert, who was also CEO until the retailer's October bankruptcy filing, disclosed the offer Thursday.
"Sears is an iconic fixture in American retail and we continue to believe in the company’s immense potential to evolve and operate profitably as a going concern with a new capitalization and organizational structure," Lampert said in a letter.
"Our proposed business plan envisages significant strategic initiatives and investments in a rightsized network of large format and small retail stores, digital assets and interdependent operating businesses."
Lampert said the acquisition would keep 50,000 Sears employees working.
-snip-
Nathan Bomey, USA TODAY Published 9:14 a.m. ET Dec. 6, 2018 | Updated 9:20 a.m. ET Dec. 6, 2018
The chairman and largest investor in Sears Holdings is offering to buy the retailer out of bankruptcy — including 500 of its remaining stores — in what may amount to the chain's last hope to survive its precipitous decline.
Sears chairman and hedge fund investor Eddie Lampert, who was also CEO until the retailer's October bankruptcy filing, disclosed the offer Thursday.
"Sears is an iconic fixture in American retail and we continue to believe in the company’s immense potential to evolve and operate profitably as a going concern with a new capitalization and organizational structure," Lampert said in a letter.
"Our proposed business plan envisages significant strategic initiatives and investments in a rightsized network of large format and small retail stores, digital assets and interdependent operating businesses."
Lampert said the acquisition would keep 50,000 Sears employees working.
-snip-
Read more: https://www.usatoday.com/story/money/2018/12/06/sears-eddie-lampert-bankruptcy-offer/2224500002/
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