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Battle for Sears Continues as Lampert Files Suit Ahead of Bankruptcy Hearing

May 29, 2019, 09:05 AM
Filed Under: Bankruptcy

A company owned by former Sears Chairman Eddie Lampert's ESL Investments filed suit this week against what's left of the storied retailer alleging that the company withheld assets that should have been turned over after Lampert's company won the bid for acquire the firm and avoid liquidation.

According to Bloomberg News, the lawsuit, filed on behalf of Transform Holdco LLC, alleges that Sears has broken a number of agreements that altogether have denied Lampert's company  "hundreds of millions of dollars of assets" it believes it is owed, including the chain's headquarters in Illinois.

"Transform believes that prompt resolution of these matters is important and necessary at this time to allow the bankruptcy court and creditors to consider the Defendants’ proposed Chapter 11 plan," the complaint states.

A hearing to consider the Sears estate’s bankruptcy plan is slated for Wednesday.

To read more on this developing story, click here.

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