Following the departure of Sears Holding Group’s (Hoffman Estates, Ill.) CEO Eddie Lampert, two of the company’s board members have hired investment bank Evercore to review the deals the executive led before it filed for bankruptcy protection.
Lampert owns the hedge fund ESL Investments Inc., Sears’s largest shareholder and creditor. ESL is reportedly supportive of the scrutiny, stating “these types of analyses are customary … ESL is confident that the subcommittee will confirm that the transactions involving ESL were on fair and reasonable terms and approved under appropriate corporate governance procedures,” according to Reuters.
Transactions being reviewed include those that stripped the retailer of valuable assets, such as separations of business and real estate. Sears filed for Chapter 11 bankruptcy on Oct. 15.