This week, a Miami swimwear company sued Sears Holdings, Sears CEO Eddie Lambert and Lambert ESL Investments in a fraud hedge fund in Cook County, Ill.
InGear Fashions sued for $840,000 and filed a lawsuit in its Cook County Circuit Court that Sears, Lambert and ESL were engaged in fraudulent activities because they did not pay ladies swimming costume fees to the company. The company has been to Sears for the past six years. Provide clothing.
On Monday, Sears Holdings (Nasdaq: SHLD) with Sears and Kmart applied for Chapter 11 protection in the US Bankruptcy Court in New York.
In the lawsuit, “In Gear Fashions believes and relies on the defendant’s repeated public statements about its suppliers and continues to provide them with products… If the defendant fails to commit, the company will stop providing the defendant with goods fulfillment and suppliers. The agreement reached and timely payment… (InGear) also accused the defendant of making false statements to the public and its suppliers, enticing them to continue to supply the product and allowing them to continue to operate. It is claimed that this is done for the defendant to engage in A transaction that has an economic interest but is unfavourable to unsecured creditors such as InGear Fashions. “According to the lawsuit, ChicagoBusiness.com reports.
However, before the bankruptcy of Sears Holdings, the supplier’s arrears may not be paid quickly.
According to Sears Holdings’ bankruptcy website, “(the bankruptcy) court will establish a process that stipulates all the money owed by the goods and services provided before the filing date. The creditors will be notified and have the opportunity to file a claim. ”
Sears suppliers who owe funds will turn to “information on how to submit a claim form or submit proof of claim online.”
Earlier this week, many Sears suppliers reportedly failed.
CNN reported that Sears owed more than 100,000 creditors, and “these creditors will queue up for pennies in exchange for their investment funds.”