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Sears Canada creditors pressure Sears CEO

2/12/2018
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."

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