Friday, March 8, 2019

Edward Lampert’s New Sears Faces Legal Troubles

The Wall Street Journal
Edward Lampert has been at the helm of the new Sears for just weeks, but the retailer is already sparring with the old company left behind in bankruptcy as well as with Stanley Black & Decker Inc.

Mr. Lampert’s new Sears, known as Transform Holdco LLC, claims the old Sears, still known as Sears Holding Corp. , intentionally delayed payments to vendors and shortchanged it on promised inventory, breaching the purchase agreement between the two companies. Mr. Lampert’s hedge fund, ESL Investments Inc., paid $5.2 billion for 425 Sears and Kmart stores in early February after a bankruptcy-court auction.. . . more

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