Mr. Lampert personally owns 31 percent of Sears shares, while ESL owns 19 percent of the company. Under the proposal, Sears would sell $1.75 billion worth of assets, reducing its total debt to $1.24 billion, and also sell $1.5 billion in real estate holdings.
“ESL’s proposal is designed to help create sufficient runway for Sears Holdings to continue its transformation and return to profitability for the benefit of its many stakeholders,” ESL President Kunal S. Kamlani said in an email to CNBC. “We would welcome broad participation from investors and encourage the Sears Board and other interested parties to work with us as quickly as possible to advance the transactions we have proposed or offer reasonable alternatives.”
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