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Lampert won't bailout Sears this time


Added 10-11-18 01:04:02am EST - “The company has a $134 million debt payment due Monday,” - Foxbusiness.com

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Posted By TheNewsCommenter: From Foxbusiness.com: “Lampert won't bailout Sears this time”. Below is an excerpt from the article.

Strategic Resource Group Managing Director Burt Flickinger and Hartland & Co. LLC Managing Director Jim Awad on the demise of Sears.

The hedge-fund manager who controls Sears Holdings, has repeatedly bailed out the struggling retailer with short-term loans. Not anymore.

Lampert, who is Sears's chairman, chief executive, largest shareholder and biggest creditor, doesn't plan to lend the company money to repay $134 million in debt due Monday, people  familiar with the matter told Dow Jones Newswires.

The Sears board decided against selling the Kenmore brand to Lampert for $400 million, as he had proposed, after it became clear his broader restructuring plan that he went public with late last month wasn't winning support from creditors, this person said.

The department-store chain is reportedly in talks with banks to raise several hundred million dollars.

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