Eddie Lampert Wants to Skip Paying Laid Off Sears Workers Severance Pay

Eddie Lampert, the former Chairman and CEO of Sears, has reconsidered paying laid off Sears workers severance that is owed to them.

Lampert had committed to buy out Sears from bankruptcy and when he did so, he agreed to pay displaced workers up to $43 million.

Lampert has asked a federal bankruptcy judge to release him from that promise. According to Lampert, Sears has failed to live up to its obligation to sell him most of its assets.

The former Sears Chief Executive had served as chairman and CEO of the company through its bankruptcy filing and some even say he was responsible for the financial crisis the company ended up in.

There had been $43 million earmarked for employees who lost their jobs during the hundreds of store closings from the time of the bankruptcy filing through the time Lampert’s ESL Investments bought the company holdings.

It was last October that Sears filed bankruptcy after 125 years in business.

Disclaimer: We have no position in Sears Holdings Corp. (OTCMKTS: SHLDQ) and have not been compensated for this article.