Thursday, April 18, 2019

Sears sues Eddie Lampert; claims he stripped chain of $2 billion in assets

Chain Store Age
Sears Holdings Corp. on Thursday filed a blockbuster federal lawsuit that essentially claims former CEO Eddie Lampert drove the company into bankruptcy, by siphoning off the company’s assets and preventing it from being able to pay off debts.

The suit accuses Lampert, his ESL Investments hedge fund and others associated with Sears and ESL — including Treasury Secretary Steven Mnuchin, a former investor and executive at ESL — of stripping the chain of billions of dollars worth of assets even as the retailer racked up huge losses. . . . more