The hedge fund manager, also CEO and largest owner of the flailing retailer, wants to buy its assets. Sure, there’s a chance he is getting an opportunistic deal. But Toys R Us shows that for retailers, bankruptcy risk is real. Lampert’s last ditch may be the least bad outcome. To access full Breakingviews.com content you must be a subscriber. Please use the following link to request a trial. Sears Holdings has received an offer for some of its assets from an investment company run by its chief executive and biggest shareholder, Edward Lampert, the U.S. retailer said on April 23.