Longtime Sears boss and investor Eddie Lampert orchestrated a "multiyear and multifaceted scheme" to strip the company of assets and capitalize on its decline, a group of the retailer's major creditors alleged.
Lampert, who remains chairman of Sears and was CEO until the company filed for Chapter 11 bankruptcy in October, presided over the closure of more than 3,500 stores and the loss of about 250,000 jobs, according to a scathing filing Wednesday by unsecured creditors.
The creditors are hoping to persuade a federal judge to force Sears to liquidate instead of accepting the latest offer by Lampert's hedge fund ESL Investments to keep a shrunken version of the company alive.. . . more