SEARS ADDS NEW INDEPENDENT DIRECTOR WITH RESTRUCTURING EXPERIENCE AS RETAILER CONTINUES TO STRUGGLE
Struggling retailer Sears Holdings has added restructuring expert Alan Carr to its board and as an independent director as the retailer approaches a key debt payment it has already warned it may not meet.
Carr has significant experience as a principal, investor and advisor leading complex financial restructurings, as well as serving as a director of reorganized businesses in the U.S. and Europe. Carr was previously an attorney at Skadden, Arps, Slate, Meagher & Flom LLP and Ravin, Sarasohn, Baumgarten, Fisch & Rosen.
“Alan brings deep experience as a director for companies that went through complex organizational change,” said Edward S. Lampert, chairman and chief executive officer of Sears Holdings. “We are pleased to welcome him to the Board and look forward to the benefit of his expertise as we work to maximize value for the company and its stakeholders.”
The announcement comes roughly a year after long-time Sears investor, Bruce Berkowitz, stepped down from his board seat.