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Sears’ Eddie Lampert holds town hall for employees

Sears chairman Eddie Lampert rallied his troops one day after the cash-strapped retailer filed for Chapter 11 bankruptcy protection.

“We need to show material progress over the next few months to establish to our senior lenders that a reorganization of the company is realistic and to avoid a shut down and liquidation,” Lampert said to employees in an address at the retailer’s headquarters in Hoffman Estates, Illinois, reported CNBC.

Lampert sent an email to Sears employees on Monday, in which he blamed the company's Chapter 11 filing to "a difficult retail environment, unsatisfactory operating performance, and legacy liabilities impacted by historically low interest rates," according to Business Insider.

To read the letter, click here.
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