Former Sears CEO Eddie Lampert has reached a settlement with his creditors to move Sears out of bankruptcy for a mere $179 million that would release the billionaire hedge fund mogul of any liabilities tied to the epic bankruptcy.
https://nypost.com/2022/08/11/sears-poised-to-finally-exit-bankruptcy/
@jlc Yes when Eddie Lampert bought all the stores and assets from Sears Holdings, he told the judge an intention was to save 40,000 jobs. Of course, Transformco immediately started closing stores and eliminating jobs. Possibly he's putting on a show of keeping some stores open to argue in court he is still trying to save jobs and keep Sears/Kmart alive. Until this thing is settled, the court still has power over EL. When the bankruptcy is completed, it's game over. Lampert can close the last stores and liquidate, putting the proceeds in his pocket.
One way or another, it appears this sad saga might finally be getting near an end.
Y’all keep neglecting to mention mention that this bankruptcy has nothing to do with active Sears stores. The stores are part of transformco not Sears holdings this bankruptcy has no meaning active Sears or Kmart stores
At Sears it was not what they said it was what they did not say you had to be concerned about
What exactly do they plan to do once they finally exit bankruptcy?
Yes, I think that has been holding us back. Now we can get this thing back on track with the go forward steategy.
@jlc I bet you're right.
I wonder if this was what Eddie was waiting for to finally pull the plug on this whole fiasco.
Long live our savior Eddie!