Sears' chairman stands at the center of fight for company
NEW YORK — As Sears teeters on the brink of collapse, one man stands at the center of the fight for the future of the iconic retailer.
Eddie Lampert plays several often-conflicting roles in what could be the final chapter for the company that began as a mail order watch business 132 years ago. He’s been chairman, CEO, lender and largest shareholder — all at the same time. And he stands to win big if Sears survives.
The fate of Sears — and its Kmart brand — was being considered Monday in a law firm conference room high above Manhattan, a block from Central Park. There, those who are owed money by Sears were considering Lampert’s last-ditch plan to preserve 425 stores and 50,000 jobs at a bankruptcy auction.
Lampert, the only one to put forth a proposal to rescue the floundering company in its entirety, has sweetened his bid for Sears to more than $5 billion and added a $120 million cash deposit through an affiliate of his ESL hedge fund. His original bid of $4.4 billion was rejected by the company’s board.
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