Sears saga takes a new turn
Sears CEO and majority shareholder Eddie Lampert has offered to buy the company's Kenmore brand, plus several other assets.
Why it's a big deal: Lampert is showing that he'll never cut bait — even through his line appears to have caught a blue whale and he's sitting in a kayak.
Lampert pledged that he'll only move forward if a deal is recommended by a committee of independent directors and approved by a majority of unaffiliated shareholders.
More from Lampert's letter to the Sears board:
"We continue to see value in Sears and its underlying assets and believe strongly that with an appropriate runway Sears will be able to complete its transformation to respond to the challenging retail environment."
Bottom line via Wall Street Journal: "The moves are an effort by Lampert to inject Sears with cash and stave off a bankruptcy filing, while at the same time allowing the hived-off businesses to grow by distributing their products and services beyond Sears and sister chain Kmart... Some critics, however, have argued that the strategy further weakens Sears by giving shoppers less reason to visit the retailer."