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Sears Chairman and CEO Edward S. Lampert has proposed restructuring the retailer’s debt as it faces an Oct. 15 deadline to repay about $134 million. Part of that plan would involve selling off some $1.5 billion worth of real estate.
Lampert has asked the Sears board to reach out to debt holders on a restructuring plan, reports CNBC. Lampert’s hedge fund, ESL, which owns 19 percent of Sears (Lampert personally owns 31 percent), had attempted earlier this year to sell the retailer’s Kenmore appliance brand, but the move has been held up by a special committee of the board.
As of the beginning of August, Sears owned 866 stores across the Sears and Kmart banners.
Lampert has requested that the board sell off nearly $1.8 billion worth of assets in order to pay down its debt by roughly 80 percent, to about $1.2 billion, reports CNBC, citing documents submitted to the SEC on Monday. Some of the real estate Lampert proposes selling would be leased back to Sears.
By Edmund Mander
Director, Editor-In-Chief/SCT