Sears debt rallied on the news, went from 40 cents on the dollar to almost 80 so ESL offered straight cash instead but is working with 3rd parties to sell as well. This is for the parts dept etc valued around 500M, does not include kenmore
4 replies (most recent on top)
Whirlpool is downgraded so ken more will be too
Not going to happen this quarter. Selling it to ESL right now is going to be a dead knell for shld. Eddie can't force BOD to sell it because it would be so much negativity for him. Both sides are riding it out but eventually Lampert will get it at cheaper prices. He's a brilliant hedgefund guy.
It happened. He's donating 100% of the proceeds to give everyone 5% off at the cafeteria next Saturday.