Eddie Lampert's Retail Empire Wobbles With Sears Canada Filing
- Move is seen as a ‘black eye’ for Sears and billionaire CEO
- Lampert owns about 45 percent of Sears Canada’s stock
Sears Canada Said to Near Creditor Protection
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Eddie Lampert’s sprawling retail empire, built when the billionaire combined Kmart and Sears more than a decade ago, just suffered its highest-profile stumble yet.
Sears Canada, which was partially spun off from Sears Holdings Corp. in 2012, went to court on Thursday to seek protection from creditors. The move -- something akin to a Chapter 11 filing -- followed failed creditor negotiations and the search for a possible buyer. A person familiar with the situation said earlier this week that the chain ultimately expects to liquidate its operations.