Sears CEO: Company ‘Must Act Immediately’ to Survive

A hedge fund run by the CEO of Sears says time is running out for the struggling retailer and has proposed a restructuring plan that it says would help the chain avoid bankruptcy.

ESL Investments, owned by Eddie Lampert, who holds the top spot at Sears, is proposing the company sell off $1.75 billion in assets including $1.5 billion in real estate to reduce the company’s debt to $1.24 billion, according to a filing with the Securities and Exchange Commission. (Some stores would be leased...

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