Lawsuit Alleges Sears Sale Only Benefits CEO
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A lawsuit filed by a Sears Holdings shareholder seeks to block the sale of 254 Sears and Kmart stores to a REIT owned by company CEO Eddie Lampert. The class action suit filed by shareholder John Solak alleges the $2.5B sale to Seritage Growth Properties would mainly benefit Lampert and add to Sears’ fiscal woes. Under the deal, Seritage would lease the stores back to Sears at a cost of $150M for the first year, according to the Chicago Tribune. Sears Holdings, which reported $1.7B in losses last year, said the suit is without merit. [Trib]