LogFAQs > #914218536

Former CEO Eddie Lampert is still chairman of Sears, and his hedge fund, ESL Investments, recently offered to acquire what's left of the company, which is currently headed toward liquidation.

How the actual fuck is this legal

the ceo purposefully cannibalized it, sears already had NA distribution, even to remote rural areas, well trusted brands...like the kenmore buy one or two in a life time type appliances.

basically he got all the actual property sears owned when it went under, he made some people a bit richer while doing it. it was run under on purpose.

it had nothing to do with nobody knew the internet existed

to quote another redditor;

" It's kind of nuts. As the primary debtor of his own company chapter 11 is essentially him deciding how to pay himself back with the assets of the company he bankrupted. While the rest of the shareholders, as well as taxpayers, pay out millions to fund the administration process. "