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Sears Plans To Unload Pensions And Close More Stores

by cbsnews.com posted 1week ago 16 views
Eddie Lampert's $5.2 billion offer to buy what's left of Sears is drawing fire from the bankrupt retailer's creditors as well as current and former employees. The judge who will determine whether to approve Lampert's bid for the retailer, which the billionaire investor still chairs, is hearing from creditors who oppose the deal. That includes the government entity that guarantees pensions when an insured plan closes without enough money to cover benefits. The Pension Benefit Guaranty Corp., or PBGC, filed a lawsuit Friday seeking to take over the retailer's two pension plans, which cover 90,000 people.

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