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Lambert Accused of Trying to ‘Steal’ Kenmore Brand from Sears; Court Showdown Monday

Photo Credit: Mike Mozart via Flickr cc

Sears and its champion and would-be savior Eddie Lampert will face opposition in court on Monday when they go before Judge Robert Drain during a hearing regarding the acceptability of Lambert’s offer through his hedge fund, ESL Investments, to save more than 400 stores of the bankrupt retailer. But Lampert faces opposition from the U.S. government, major mall owners, and other creditors.

The federal agency that backstops corporate pensions is objecting to Sears chairman, investor and former CEO Eddie Lampert’s bid to acquire the retailer out of bankruptcy, a deal that presents the last remaining alternative to going out of business altogether. The agency accused Lampert of structuring the deal to inappropriately obtain ownership of the chain’s Kenmore appliance brand and the DieHard tools brand.

Read more at USA Today.