Sears creditors condemn plan to save store, citing 'misconduct' by chairman - Lebanon news - أخبار لبنان

Sears creditors condemn plan to save store, citing ‘misconduct’ by chairman

Sears creditors condemn plan to save store, citing ‘misconduct’ by chairman

New York (CNN Business)Sears creditors are still trying to stop chairman Eddie Lampert from buying the beleaguered retailer.

The creditors filed an objection in bankruptcy court late Thursday to the former Sears CEO’s $5.2 billion bid for the company. They blamed Lampert for the problems that led to Sears’ downfall.
The creditors, who are owed at least a combined $3.4 billion, acknowledged that Sears was hurt by the rise of big box rivals and online shopping. But they claimed the company’s undoing “was precipitated by years of misconduct by Lampert, ESL, and others against Sears and its creditors.”

leave a reply

*

code