Monday, August 20, 2018

Sears CEO Puts His Own Board on the Spot

The Wall Street Journal
For years Edward Lampert has called the shots at Sears Holdings Corp. as its chief executive, largest shareholder and biggest lender. But his latest play to keep the struggling chain afloat is out of his hands.

The hedge-fund manager turned CEO said earlier this year that he would be interested in buying the Kenmore appliance business and other assets, after a two-year strategic review by the company failed to result in a deal for the units. Frustrated by the pace of deliberations, Mr. Lampert stepped in last week with a $400 million offer to buy Kenmore himself. . . . more