WSJ: Lampert negotiating to buy Sears stores
The former CEO of Sears Holdings reportedly is pushing ahead to take over the company’s Kenmore appliance line as well as many as 500 stores, financing the transaction in part by forgiving debt Sears owes his hedge fund.
Former Greenwich resident Edward Lampert stepped aside last month as CEO of Sears, after the retailer declared bankruptcy and began shutting down more than 140 stores including its department store at the Connecticut Post mall in Milford.
According to the Wall Street Journal, Lampert is now negotiating with Sears bankruptcy committee for his Miami-based ESL Investments hedge fund to buy Kenmore, which Sears had previously put up for sale along with other assets like its Craftsman tool line it sold earlier this year to New Britain-based Stanley Black & Decker.
Alex.Soule@scni.com; 203-842-2545; @casoulman