Business

Sears CEO: Retailer needs to sell more real estate

Posted September 24, 2018 7:00 am

The Associated Press

NEW YORK (AP) - The hedge fund owned by Sears Holdings Corp. CEO Eddie Lampert is urging the retailer's board to sell more of its real estate and restructure its debt, as it seeks to avoid bankruptcy.

ES Investment Hedge Fund said Monday that Sears should sell $1.5 billion more in real estate and restructure $1.1 billion in debt, according to the filing with the Securities and Exchange Commission.

The Hoffman Estates, Illinois-based operator of Sears and Kmart has closed hundreds of stores as it burns through money amid sagging sales.

In August, the board said it was weighing an offer from Lampert that Sears should sell its Kenmore brand and said ESL might offer to buy it if it was willing to sell.

Sears shares fell to $1.13, close to an all-time low.

Article Comments

Article Categories
Business Content Providers Nation and World News Real Estate

Article Comments

Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked. If a comment violates these standards or our terms of service, click the "flag" link in the lower-right corner of the comment box. To find our more, read our FAQ.