Sears Hearing Could Determine The Troubled Retailer’s Future

by MR Magazine Staff

The U.S. Bankruptcy Court for the Southern District of New York will hold a hearing starting Monday that could determine the future of American retailer Sears. The hearing is the last chance to save the jobs of as many as 45,000 employees of Sears and K-Mart nationwide, CNN reports. It will also address Sears’s plan to sell its assets, including 425 stores to chairman Eddie Lampert, through his hedge fund ESL Investments in a move to keep the retailer afloat. Lampert’s attempt to save the company is opposed by unsecured creditors, who are owed money by Sears, and the federal watchdog Pension Benefit Guaranty Corp. The former have accused Lampert of “stealing assets” and “years of misconduct,” in a number of court filings. Read more at Fortune.