Edward Lampert has resigned as chairman of Sears Holdings board of directors just days after an affiliate of his company, ESL Holdings, acquired the retailer out of bankruptcy. According to a Securities and Exchange Commission filing, Lampert, in a letter to Sears Holdings, said the reasons for his resignation relate to the acquisition of the company by Transform Holdco LLC and are not the result of any disagreement. In addition, Kunal S. Kamlani, a director on the Sears Holdings board, also announced his resignation.
An affiliate of ESL, Transform Holdco LLC, acquired Sears Holdings Corporation on a going-concern basis for approximately $5.2 billion. The new Sears will operate 223 Sears and 202 Kmart stores, along with well-known brands and operating businesses, including Kenmore, DieHard, Craftsman, Sears Home Services, Sears Auto Centers and Innovel.