Sears Reneged On Purchase Agreement, New Owner Says

Law360 (July 9, 2019, 7:52 PM EDT) -- ESL Investments has asked a New York bankruptcy court to end a monthslong dispute with Sears Holding Corp. over the terms of ESL's $5.2 billion purchase of the troubled retailer, saying Sears is shorting it by tens of millions and claiming money it isn't entitled to.

In a motion filed Monday, Transform Holdco LLC — the ESL-owned holding company that purchased Sears' assets in February — said Sears has attempted "in virtually every way possible to retrade the deal," withholding more than $132 million in promised assets and misinterpreting the contract to claim ESL owes an additional $166 million.

"Transform continued...

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October 15, 2018

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