Remnants of the ‘Old Sears’ Suing the ‘New Sears’
The “old Sears,” the remnants of the company that sold its stores and assets last month in bankruptcy, is now suing Transform Holdco, the buyer of those assets, for $57.5 million. The “old Sears” claims it is owed that money from the “new Sears” for that sale. The old Sears claims Transform Holdco, which is an entity of Eddie Lampert’s ESL hedge fund, has violated its contract under the asset purchase agreement and automatic stay and the funds are being unlawfully withheld.
The company says Transform owes it $41.3 million for credit card and cash transactions that occurred before the sale closed, as well as $16.2 million for a portion of February rent, according to the documents.
Read more at Retail Dive.