The hedge fund owned by Sears Holdings Corp. CEO Eddie Lampert is urging the retailer’s board to sell more of its real estate and restructure its debt, as it seeks to avoid bankruptcy.
ESL Investments said Monday that Sears should sell $1.5 billion more in real estate and restructure $1.1 billion in debt, according to the filing with the Securities and Exchange Commission.
The Hoffman Estates-based operator of Sears and Kmart has closed hundreds of stores as it burns through money amid sagging sales.
In August, the board said it was weighing an offer from Lampert that Sears should sell its Kenmore brand and said ESL might offer to buy it if it was willing to sell.
Sears shares fell to $1.13, close to an all-time low.