Sears Holdings Corp.’s bankruptcy filing on Monday was anticipated by many, but it included some surprises, chief among them the naming of M-III Partners LP’s Mohsin Meghji as the retailer’s new leader, WSJ Pro Bankruptcy reported. As part of Sears’s chapter 11 filing, its long-time leader, and major creditor, Edward Lampert stepped down from his role as chief executive, although he remains chairman. The company said that it instead created an office of the CEO and appointed Meghji, M-III Partners’ founder and managing partner, as chief restructuring officer. New York-based M-III Partners had been working closely with Sears since 2016, and Meghji was appointed CRO earlier this month, according to court papers. Meghji reports directly to an independent committee of Sears’s board of directors and is “responsible for carrying out [Sears’s] restructuring strategy and objectives.”
