Sears Gets a Second Chance: Ex-CEO Eddie Lampart Wins Bankruptcy Sale
After ESL Investments won the bankruptcy auction last month, Judge Robert Drain approved the deal to save Sears Holdings in shrunken form. All major remaining assets will be sold to ESL Investments, the hedge fund of its chairman, largest shareholder, and former CEO Eddie Lampart.
But don’t breathe a sigh of relief yet.
Store closures are not expected to stop altogether. In fact, ESL President Kunal Kamlani testified Wednesday that about 156 of the remaining 425 Sears locations are not performing well.