Kmart Seeks $7.7M In Clawbacks From Vendors, Contractors
Law360 (November 8, 2019, 4:28 PM EST) -- Sears Holding Corp. subsidiary Kmart is asking a New York bankruptcy judge to claw back nearly $7.7 million paid to vendors and contractors in the three months prior to Sears' Chapter 11 filing.
Kmart filed about 175 adversary actions Thursday and Friday seeking to cancel hundreds of transactions made in the 90 days before the retail chain's parent company entered bankruptcy as Sears attempts to bridge the solvency gap in its Chapter 11 plan.
The 127-year-old, 700-store Illinois-based retail chain declared bankruptcy in October 2018 with more than $11 billion in debt created by years of losses, store closings and unsuccessful...
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