Sears Holdings Corp. has named a board member whose experience may come in handy in the near future.
The struggling retailer announced that Alan J. Carr, managing member and CEO of restructuring advisory firm Drivetrain, has joined its board. Carr has significant experience as a principal, investor and advisor leading complex financial restructurings, as well as serving as a director of reorganized businesses in the U.S. and Europe.
“Alan brings deep experience as a director for companies that went through complex organizational change," stated Sears CEO Eddie Lampert. "We are pleased to welcome him to the board and look forward to the benefit of his expertise as we work to maximize value for the company and its stakeholders."
The appointment comes as Sears approaches a key debt payment, and as a special committee to the board is evaluating a proposal from Lampert’s ESL Investments hedge fund that would essentially translate into a wholesale financial restructuring of the company but without a Chapter 11 filing.