×
42 604
Fashion Jobs
BLOOMINGDALE'S
Division Sales Manager: Bloomingdale’s 59th Street Flagship, Nyc
Permanent · New York
SALLY BEAUTY CORPORATE
Outside Sales Representative - Professional Beauty
Permanent · Kansas City
CLARKS
Assistant Wholesale Marketing Manager
Permanent · Waltham
ADIDAS
Manager Outbound Operations
Permanent · Spartanburg
ADIDAS
Senior Manager, Performance Marketing - Membership (Digital)
Permanent · Portland
ADIDAS
Logistics Manager
Permanent · Pittsburgh
ADIDAS
Technical Manager Maker Lab
Permanent · New York
GAP
Senior Producer- Digital Operations – International Promotions
Permanent · San Francisco
GAP
General Manager- Macarthur Park
Permanent · Irving
HUDSONS BAY COMPANY (HBC)
Analyst, Supply Chain
Permanent · Brampton
PUMA
Analyst, Business Intelligence - Consumer Insights
Permanent · Westford
L'OREAL GROUP
Buyer - (Purchasing/Procurement/Indirect Sourcing)
Permanent · Berkeley Heights
DESIGNER BRANDS
Director, Marketing Advanced Analytics
Permanent · Columbus
THE REALREAL
Sales Analyst, Business Strategy And Analytics
Permanent · San Francisco
THE REALREAL
Authentication And Brand Compliance Lead
Permanent · Perth Amboy
OLD NAVY
Assistant General Manager, Merchandising - Crossroads at Baileys
Permanent · Falls Church
COTY
E-Commerce Key Account Sales Manager
Permanent · New York
RALPH LAUREN
Ralph Lauren Stores - General Manager, Naples
Permanent · Naples
A & F
Brand Marketing Manager, Abercrombie & Fitch - Emea
Permanent · London
RAG & BONE
Sales Supervisor (Full-Time) - Brentwood
Permanent · Los Angeles
GIII APPAREL GROUP
Denim Design Director
Permanent · New York
ALICE AND OLIVIA
Sales Supervisor - Los Angeles
Permanent · Los Angeles

Sears chairman’s deal to save company faces opposition from creditors

Published
today Jan 19, 2019
Reading time
access_time 2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Sears’ unsecured creditors have filed an objection to the deal proposed by chairman Eddie Lampert to save the bankrupt retailer through his hedge fund ESL Investments.


Instagram: @sears

 
The committee of creditors filed its objection with the Southern District of New York Bankruptcy Court on Thursday afternoon and requested a public hearing, claiming that it has discovered information which suggests that Sears’ failure was “precipitated by years of misconduct by Lampert, ESL, and others against Sears and its creditors,” in documents cited by CNBC.
 
“After taking control of Sears in 2005, ESL — acting at all times at founder and namesake Lampert’s direction — engaged in serial asset stripping, taking Sears’s best assets out of the enterprise to shield them from the claims of other creditors and maximize ESL’s investments (in Sears and other entities) in anticipation of these inevitable bankruptcy proceedings,” the filing goes on to explain.

Lampert, Sears’ biggest creditor, has been repeatedly criticized by the retailer’s unsecured creditors for deals done during his tenure as the company’s CEO and largest shareholder since it filed for bankruptcy in October, but managed to win over the department store operator with a bid of $5.2 billion for 425 stores and other assets on Wednesday morning.
 
In its complaint, the group of unsecured creditors claims that this deal is “nothing but the final fulfillment of a years-long scheme,” and further questions whether Lampert will be able to turn Sears around, stating that he has “failed to set forth a business plan that offers any viable go-forward path.”
 
Among the activities undertaken by Sears under Lampert’s leadership, the company’s creditors have taken particular issue with the decision to spin off the Lands’ End brand as a separate publicly traded company in 2014 – a company now owned at 67.1% by ESL and its affiliates, according to company financials cited by Business Insider – and transactions with real estate investment trust Seritage Growth Properties, also spun off from Sears Holdings in 2015.

ESL has previously asserted that Sears’ board of directors approved all of the actions undertaken by the retailer at the time that Lampert was serving as its CEO.
 
The filing made by the group of unsecured creditors also demands compensation for damages incurred by the company under Lampert’s leadership, as well as the recovery of ill-gotten gains.


Sears has until January 29 to respond to objections regarding its deal with Lampert.
 

Copyright © 2020 FashionNetwork.com All rights reserved.