Sears Canada creditors pressure Sears CEO
Eddie Lampert, the chairman, CEO and controlling shareholder of the beleaguered Sears Holdings, has another problem to deal with.
Creditors of Sears Canada are pointing a figure at Lampert for receiving dividend payments as the Canadian retailer’s business crumbled in 2017, reported CNBC. Lampert and his ESL Investments hedge fund were "major beneficiaries" of roughly $3 billion in dividend payments since 2005, according to the report, which cited court papers served in Ontario's Superior Court of Justice by a group of pensioners.
Writing in a blog post on Sunday, Lampert said that "the [dividend] payments had no impact whatsoever on the Sears Canada pension plans" and "these dividend payments did not deprive the company of the cash needed to fund operations."
Click here to read more.
Creditors of Sears Canada are pointing a figure at Lampert for receiving dividend payments as the Canadian retailer’s business crumbled in 2017, reported CNBC. Lampert and his ESL Investments hedge fund were "major beneficiaries" of roughly $3 billion in dividend payments since 2005, according to the report, which cited court papers served in Ontario's Superior Court of Justice by a group of pensioners.
Writing in a blog post on Sunday, Lampert said that "the [dividend] payments had no impact whatsoever on the Sears Canada pension plans" and "these dividend payments did not deprive the company of the cash needed to fund operations."
Click here to read more.