Sears legal dispute ends in $18 million settlement
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The current and former owner of Sears have settled a lawsuit that has been dragging on for months.
The estate of Sears Holdings Corp. and new owners Transform Holdco were in disagreement over certain terms of the sale of the assets of the Sears and Kmart stores that Transform purchased last year.
In a lawsuit, Sears claimed Transform owned it about $57.5 million. Transform fired back with an adversary complaint and alleged that Sears failed to deliver inventory it was promised as part of the sale, among other disputes, the Chicago Tribune reported.
In the settlement, Transform agreed to pay the department store’s estate about $18.3 million, including about $13 million in cash.
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