Tuesday, February 12, 2019

Lampert completes acquisition of Sears; chain to conduct CEO search

Chain Store Age
It’s official: ESL Investments, the hedge fund run by Sears Holdings Corp. chairman Eddie Lampert, has completed its acquisition of the bankrupt company for approximately $5.2 billion.

The company will be led by the same management team that constituted the “Office of the Chief Executive” of Sears Holdings, consisting of Robert A. Riecker, CFO; Leena Munjal, chief digital officer; and Greg Ladley, president, softlines. (The office was put in place when Lampert stepped down as CEO.). Sears said it intends to conduct a search for a CEO with a record of success “in managing platform businesses and effectuating large-scale dynamic transformations.”. . . more