The president first saves the company, then he resigns (he is still “around” though): Sears’s odyssey is over perhaps

A new dramatic turn of events has changed again the financial situation (and more than that) in which Sears US retailer is currently involved. Eddie Lampert, who had formerly quit his position as managing director of the company, also resigned from his post as president of Sears Holdings with immediate effect. In his resignation notice Lampert pointed out: “The reasons why I decided to resign refer to the acquisition of all assets and activities carried out by Transform Holdco LLC; by no means they depend on any controversial situation with Sears enterprise about whichever political or actual action taken by the company itself”. Lampert, who is the president of Transform Holdco though, also announced, while speaking to the Wall Street Journal, Sears’s prospective business strategies: they are going to sell or sublet some of their shops, 425 in total, and will also reassign exhibiting spaces, in the stores, to various goods for sale; on top of that, they are planning to open smaller shops. A few days ago, ESL, Lampert’s hedge fund, submitted, through its subsidiary, Transform Holdco LLC, a 5,2-billion-dollar bid that saved Sears (and 45,000 work positions) from wind up. Just for the records, Kunal Kamlani, chairman of ESL investments, also resigned from Sears’s board of directors.


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