Memo to Sears: It’s time to throw in the towel. A group of Sears creditors is urging the 125-year-old bankrupt retailer to forget about saving a few hundred of its stores — and instead shutter the chain for good.
It’s “nothing more than wishful thinking” to keep Sears alive, the creditors said in a late-Friday court filing that blasted a reorganization plan that has been floated by Eddie Lampert.
The billionaire financier is still the chairman of Sears after leading it into a Chapter 11 filing and stepping down as its chief executive on Oct. 15.
Lampert’s hedge fund ESL Investments, which is Sears’ largest creditor, said in court filings it believes Sears can survive as a smaller, leaner chain after it emerges from bankruptcy — but it has shared few details about its plan to reinvent the company.