Wednesday, April 25, 2018

Reality Sets In at Lampert's Sears, With Another $1 Billion Due

Bloomberg

Few people on Wall Street believe in Eddie Lampert like Eddie Lampert.

Thirteen years after merging Sears, one of America’s most iconic retailers, with the budget Kmart chain, the hedge-fund billionaire is moving -- again -- to salvage what he can.

His latest plan, announced Monday, would have his ESL Investments Inc. buy Kenmore, Sears’s well-known appliance brand, as well as several other businesses. In other words, Lampert, also chief executive officer of Sears Holdings Corp., wants to sell what is perhaps Sears’s last jewel to his own hedge fund -- at least if other bidders don’t emerge.. . . more