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Lampert: Sears Must Act “Without Delay”

Sears Holdings needs to sell off another $1.5 billion in real estate and restructure $1.1 billion in debt to avoid bankruptcy, CEO Eddie Lampert warned in an SEC filing. While acknowledging that the beleaguered retailer has made progress through store closings, property sales and partnerships on its major brands, Lampert said Sears must take further action “without delay.”

The real estate sales would be marketed for sale over the next 12 months under Lampert’s proposal. Any encumbered properties not sold at the end of the 12-month period would be bought by a consortium led by Lampert’s hedge fund, ESL Investments.

In the SEC filing, Lampert offered assistance through ESL, which has repeatedly provided financial support to Sears since he became the retailer’s CEO and largest shareholder. The board of Sears Holdings acknowledged receipt of Lampert’s proposal, and said it had directed the company’s management to work closely with ESL.


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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing
  • ◦Sale/Acquisition
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