Sears Holding Corp. is accusing its former CEO Eddie Lampert of stripping the company of assets for his gain. Lampert could argue everyone knew he was doing it
Sears Holdings Corp. has filed a lawsuit accusing former CEO Eddie Lampert and his hedge fund partners of fraudently stripping the struggling U.S. chain of its assets. Photographer: Patrick T. Fallon/BloombergThe lawsuit filed today by Sears against Eddie Lampert and his hedge fund cronies alleges what analysts and Sears employees have been saying for years – that Lampert was siphoning off billions from Sears for his own gain.
Kmart chairman Edward Lampert during a conference to announce the merger of Kmart and Sears in New York in 2004. photocredit: ASSOCIATED PRESS So no one can say they weren’t warned. But, the lawsuit alleges, and this is a big but, Lampert didn’t dispose of those assets to keep the ship of Sears afloat, but to keep himself and his ESL partners afloat.
Lampert did not have a “good faith strategy” of closing unprofitable stores to right size the company, but was selling some of the best performing stores to raise cash.
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