Sears Chairman Eddie Lampert's Hedge Fund Wants To Save Suffering Retailer
LAST DITCH
The move is an attempt to prevent the company from being liquidated.
Shannon Stapleton/REUTERS
A hedge fund headed by Sears chairman Eddie Lampert made a last-ditch attempt on Friday to protect the long-languishing retailer from going under, according to the Associated Press. Lampert’s $4.4 billion bid still requires approval by a judge, and a court date has been scheduled for mid-January. The fund wants to keep 425 stores open and save 50,000 jobs, per the AP. Sears, which for years has reeled from the Great Recession and competition from internet retailers, filed for Chapter 11 bankruptcy protection in October. The company, which also controls K-Mart, had 687 stores and 68,000 employees when it moved for bankruptcy. Some 160 are already scheduled to shutter.
