http://www.businessinsider.com/sears-ceo-plan-to-buy-kenmore-and-real-estate-bankruptcy-chances-2018-4 Sears CEO Eddie Lampert wants to buy the retailer's most valuable assets — including its Kenmore brand — in a massive deal with his hedge fund, ESL Investments.
He made the offer in a letter to Sears' board of directors, saying the deal would extend Sears' timeline to turn around its business by providing a much-needed infusion of cash to pay off its debts. In addition to the Kenmore appliance brand, Lampert is proposing that his hedge fund buy Sears' home-improvement business, Parts Direct division, and even the company's real estate.
One of Lampert's most outspoken critics says such a deal would kill off the 125-year-old retailer by stripping the company of its most valuable brands and real estate, leaving it with nothing but a failing retail business.
"This is all a sham," Mark Cohen, the former CEO of Sears Canada, said of the proposal in an interview with Business Insider. "The notion that this is anything other than an asset strip is preposterous."
Cohen said the deal is designed to benefit Lampert, who is Sears' largest shareholder and the chairman of its board of directors. Lampert also is the chairman and CEO of the hedge fund ESL Investments, which is one of Sears' primary lenders. He is the chairman of Seritage Growth Properties, a real-estate investment trust that has been acquiring stores from Sears, as well.
Some of the stores acquired by Seritage are rented out to Sears, while others have been divided up into new storefronts and leased to other retailers........ This is just part of the article , left the link for the whole thing