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Sears’ Former and Current Owners Settle Legal Dispute

Photo Credit: Mike Mozart via Flickr cc

Sears Holding Corp. and Transform Holdco LLC, the former and current owners of Sears, also known as Old Sears and New Sears, settled a lawsuit recently for $18.3 million. This lays to rest a months-long dispute between the two parties, but Sears isn’t done with the courts yet. The $18.3 million settlement doesn’t affect another lawsuit, this one filed by Old Sears against ESL and Eddie Lampert.

…Sears Holding Corp. alleges Lampert illegally siphoned off billions of dollars in assets, raking in profits for himself and his hedge fund as Sears closed 3,500 stores and shed 250,000 jobs.

Read the full story at Footwear News.