Sears CEO Eddie Lampert offers tentative deal for real estate, Kenmore
Sears Holdings CEO and hedge fund investor Eddie Lampert has offered to potentially buy the distressed retailer’s real estate, Kenmore brand and other assets.
Lampert’s hedge fund disclosed Monday that it had sent a letter to the retailer on Friday offering to work out a deal to help the distressed company raise cash.
The moves could accelerate the downsizing of Sears, which has closed hundreds of stores over the last few years as it reels from the department-store industry’s decline and from its own missteps.
But it could also help prop up the company financially for a longer period, potentially keeping stores alive as the company grapples with the retail sector’s fallout.