Lampert reveals plans for Sears after bankruptcy: WSJ

(Reuters) - Sears Holdings Corp will sell or sublease some of the 425 stores of the retail chain and open smaller stores with more focus on tools and appliances than on apparel, said Chairman Edward Lampert in an interview with the Wall Street Journal.

A U.S. bankruptcy judge approved Lampert's hedge fund ESL investments Inc's $5.2 billion takeover of the troubled retailer last week, allowing the department store chain to avert liquidation and preserve tens of thousands of jobs.

"It would be very difficult to keep all 425 stores open," Lampert said in the interview, adding that a few stores have already been closed and would probably be sold soon.  

RELATED: Take a look at the Sears locations that closed in November and December in 2018:

11 PHOTOS
Sears locations that closed in November/December
See Gallery
Sears locations that closed in November/December
Golf Mill Shopping Center, 400 Golf Mill Ctr, Niles, IL
Eastern Hills Mall, 4545 Transit Rd, Williamsville, NY
The Mall at Fairfield Commons, 2727 Fairfield Commons, Beavercreek, OH

San Jacinto Mall, 1000 San Jacinto Mall, Baytown, TX
Broadway Square, 4701 S Broadway Ave, Tyler, TX
Grand Central Mall, 500 Grand Central Ave, Vienna, WV

1500 Fitzgerald Dr, Pinole, CA

6865 Hollister Ave, Goleta, CA 

635 Dutchess Turnpike, Poughkeepsie, NY

6626 Metropolitan Avenue, Middle Village, NY

4251 John Marr Drive, Annandale, VA

HIDE CAPTION
SHOW CAPTION
of
SEE ALL
BACK TO SLIDE

Lampert, who stepped down as CEO of the company that filed for bankruptcy on Oct. 15, 2018, while remaining its chairman, also said he would hire a new CEO.

The restructured company, which has 223 Sears outlets and 202 Kmart stores, will keep Sears Auto Centers, SearsHomer Services and the Kenmore and DieHard brands.

Lampert also hinted that Sears would eventually be taken public, saying he doesn't want the company to stay private indefinitely.

(Reporting by Soundarya J in Bengaluru; Editing by Shinjini Ganguli)

Read Full Story