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Hedge Fund Warns That Sears Must Act 'Immediately'

The hedge fund run by Sears CEO Edward Lampert said that the company must “immediately” take steps to right itself, including restructuring debt and selling off assets. ESL Investments wants the retailer to restructure more than $1 billion in debt and sell about $1.5 billion in real estate and about $1.75 billion in other assets, including the Kenmore appliance brand, according to a proposal made public in a regulatory filing and reported by the Chicago Tribune.



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