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Lampert reveals plans for Sears after bankruptcy: WSJ

February 13, 2019 at 07:01 am EST

(Reuters) - Sears Holdings Corp will sell or sublease some of the 425 stores of the retail chain and open smaller stores with more focus on tools and appliances than on apparel, said Chairman Edward Lampert in an interview with the Wall Street Journal.

A U.S. bankruptcy judge approved Lampert's hedge fund ESL investments Inc's $5.2 billion takeover of the troubled retailer last week, allowing the department store chain to avert liquidation and preserve tens of thousands of jobs.

"It would be very difficult to keep all 425 stores open," Lampert said in the interview, adding that a few stores have already been closed and would probably be sold soon.

Lampert, who stepped down as CEO of the company that filed for bankruptcy on Oct. 15, 2018, while remaining its chairman, also said he would hire a new CEO.

The restructured company, which has 223 Sears outlets and 202 Kmart stores, will keep Sears Auto Centers, Sears Homer Services and the Kenmore and DieHard brands.

Lampert also hinted that Sears would eventually be taken public, saying he doesn't want the company to stay private indefinitely.

(Reporting by Soundarya J in Bengaluru; Editing by Shinjini Ganguli)

Stocks mentioned in the article

	Add to a list Add to a list 0 selected To use this feature you must be a member Log in Sign up	Price	Change	5d. change	Capi.
	LINE CORPORATION	5,350 JPY	-.--%	-0.19%	12.52B
	SEARS HOLDINGS CORPORATION	- USD	-.--%	-33.33%	10.79M

Edward Lampert

Edward Scott Lampert is a businessperson who founded ESL Investments, Inc. and who has been at the head of 7 different companies. Mr. Lampert holds the position of Chairman of Seritage Growth Properties, Chairman for Seritage Growth Properties LP (a subsidiary of Seritage Growth Properties), Chief Executive Officer of ESL Investments, Inc., Chief Executive Officer for ESL Partners LP (a subsidiary of ESL Investments, Inc.) and Chief Executive Officer of Transform Holdco LLC. He is also on the board of 15 other companies. Mr. Lampert previously held the position of Chairman for Sears Holdings Corp. Mr. Lampert received an undergraduate degree from Yale University.

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ESL Partners LP	Chief Executive Officer
ESL Investments, Inc. ESL Investments, Inc. Investment ManagersFinance ESL Investments, Inc. is a privately-owned hedge fund sponsor and registered investment adviser founded in 1988. Headquartered in Bay Harbor Islands, Florida, ESL manages assets on a discretionary basis in one master fund, ESL Partners LP. They also offer investments in ESL Partners through ESL Limited, a Bermuda-based “feeder fund”. Investors in the funds are generally comprised of ultra high-net worth individuals and family offices, but also include private and public pension plans, financial institutions, and other institutional investors.	Chief Executive Officer

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ESL Partners LP

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