On Monday, Sears Holdings Corp., as the combined company is now known, and its creditors are expected to appear in court to square off over whether Lampert, the retailer’s chairman and former chief executive, should get yet another chance to rescue the iconic American retail chain and avoid a liquidation.
Sears named Lampert’s $5.2 billion offer to buy the retailer’s assets and keep the company alive the winner of a bankruptcy auction last month. But Lampert’s proposal, made through his hedge fund ESL Investments, still needs the endorsement of the U.S. Bankruptcy Court for the Southern District of New York, and it has run into opposition from creditors skeptical that Sears will be any more successful after exiting bankruptcy. . . . more