Sears Holdings Chairman Eddie Lampert Wants To Buy Kenmore, But Is It Really A Lifeline?
Let’s be realistic. Eddie Lampert, chairman of Sears Holdings is not a merchant and as a portfolio manager and investor he missed the mark. He now announced to his board that his ESL hedge fund wants to buy Kenmore brand and other assets. Sears Holdings has slimmed down and reported sales in fiscal 2017 of $16.7 billion, down 32% or $22.1 billion the year before. The company reported a loss of $383 million or ($3.57) a share. Of course, in his letter to shareholders Eddie Lampert promised a transformation, which most investors could not believe. He wants to acquire, through ESL Investments, the leading home appliance brand which is the Kenmore brand. In addition, Lampert also wants to acquire Sears Home Improvement Service (SHIP) and the PartsDirect business. Basically, he is treating Sears assets like a typical portfolio manager by selling pieces of a dying company. Read more at Forbes.
