Eddie Lampert Tries to Stop Sears Hometown and Outlet Stores Liquidation
The fight for Sears Hometown and Outlet stores continues. But there’s a new twist: Now Sears Hometown and Outlet Stores, the company that spun off of Sears Holdings Corp. in 2012, might be facing liquidation. Last week, Transform Holdco, which was formed by Edward S. Lampert and his hedge fund ESL investments when Lampert bought Sears out of bankruptcy earlier this year, placed a bid on the remaining shares of Sears Hometown and Outlet Stores. Lampert, who was chief executive officer and chairman of Sears in 2012 when Sears Hometown and Outlet Stores spun off into its own company, owns 58 percent of Hometown and Outlet Stores by way of his hedge fund ESL Investments and its affiliates. ESL is also the majority owner of Transform Holdco, that company that bought Sears Holdings Corp. out of bankruptcy. The new bid for Sears Hometown and Outlet Stores offered $2.25 a share for its remaining common stock. In a Schedule 13D filing with the U.S. Security and Exchange Commission, Transform said this was a 23.6 percent premium to Sears Hometown and Outlet Stores’ average share price the five trading days before the offer was made. Even so, according to regulatory documents, “representatives of
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