Eddie Lampert, the billionaire hedge fund manager who served as CEO of Sears from 2005 until the company filed for bankruptcy in 2018, was responsible for many of the decisions that led to the companys decline and eventual insolvency. Now hes pulling Sears back from the brink of liquidation and saving himself from liability according to a report by the Wall Street Journal.
According to the Journals report, Lamperts $5 billion offer beat out a bid that was supported by most of Searss creditors and landlords but would have shuttered all Sears stores and led to tens of thousands of job losses. Lamperts plan, meanwhile, will keep approximately 400 stores open but it also underscores how Lampert, who in addition to being Searss CEO was …
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