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You could be forgiven for thinking the Sears Holdings bankruptcy ended years ago, perhaps back when its remaining stores were sold to its former CEO, Eddie Lampert, via a new company of his making: Transformco. Or maybe when it’s bankruptcy plan was approved in court.
Ongoing litigation has kept the case from resolving. A lawsuit between Sears Holdings — today essentially a paper entity that likely wouldn’t exist but for the ongoing Chapter 11 case — and Lampert over the latter’s various actions when in control of Sears Holdings has been grinding through the court system for years now. A recent settlement opens a path to finally ending it all.
You could also be forgiven if you’ve forgotten all about Sears department stores and Kmart, Sears’ sister banner. Few locations remain of either. A recent tour of a remaining Sears store showed a quiet, thinly merchandised shell compared to Sears’ former glory.
In this episode of The Backroom, we take a look at the state of the Sears Holdings bankruptcy and the retailer carrying on the name in diminished form.
Editor’s note: This show was produced and edited by Caroline Jansen.