Sears Holdings Corp. is suing its former chairman and largest shareholder Eddie Lampert, alleging the billionaire stripped the once iconic company of more than $2 billion US in assets. Sears, which also operates Kmart, filed for Chapter 11 bankruptcy protection in October amid years of massive losses and sales drops. Lampert saved the company by acquiring the assets in a court-approved auction through an affiliate of ESL in February. Lampert, who merged Sears and Kmart in 2005, steered Sears into Chapter 11 bankruptcy protection in October. Before the sale, Lampert personally owned 31 per cent of the Sears' outstanding stock, and his hedge fund has an 18.5 per cent stake, according to FactSet.

Source: CBC News April 18, 2019 18:56 UTC