Tuesday, June 19, 2018

Sears, Kmart stores ailing as CEO Eddie Lampert's hedge fund gets hundreds of millions

USA Today
When he became CEO of Sears Holdings, Eddie Lampert declared he was on a mission to restore the iconic retailer to its former glory. Since then he's extended billions of dollars in loans from his hedge fund to Sears and Kmart.

But the difference between what Sears has invested in its stores — and therefore what customers experience when they shop — is stark compared with many of its peers, a USA TODAY review of public filings and analyst research shows. And if the chain ever sinks into bankruptcy, the records show Lampert's hedge fund will be positioned at the front of the line when loans are repaid. . . . more