default-output-block.skip-main
BoF Logo

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.

Lampert Reveals Plans for Sears After Bankruptcy

Chairman Edward Lampert has said the retail chain will focus more on tools and appliances than apparel.
A Sears store in a mall displays its closure sign | Source: Shutterstock
By
  • Reuters

HOFFMAN ESTATES, United States — 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 US bankruptcy judge approved Lampert's hedge fund ESL Investments' $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 chief executive of the company that filed for bankruptcy on October 15, 2018, while remaining its chairman, also said he would hire a new chief executive.

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.

By Soundarya J; editor: Shinjini Ganguli.

In This Article

© 2021 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.
CONNECT WITH US ON
The State of Fashion: Technology
© 2022 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions and Privacy policy.
The State of Fashion: Technology