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Sears Adds Restructuring Expert to Board
In a move that may signal imminent changes at Sears Holdings, the beleaguered retailer’s board has named restructuring expert Alan J. Carr as an independent director. The addition of Carr, managing member and CEO of Drivetrain LLC, occurs as the company faces $134 million in short-term borrowings coming due on Oct. 15.
Sears noted that Carr brings “significant experience as a principal, investor and advisor leading complex financial restructurings, as well as serving as a director of reorganized businesses in the U.S. and Europe.” He was previously an attorney at law firms Skadden Arps and Ravin Sarasohn.
“Alan brings deep experience as a director for companies that went through complex organizational change,” said Sears CEO Eddie Lampert. “We are pleased to welcome him to the Board, and look forward to the benefit of his expertise as we work to maximize value for the Company and its stakeholders.”
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