Thursday, January 10, 2019

Lampert submits new bid for Sears, boosting chances retailer may dodge liquidation

Reuters/St Louis Post-Dispatch
Sears Holding Corp. Chairman Eddie Lampert submitted a revised roughly $5 billion takeover bid for the company on Wednesday, people familiar with the matter said, boosting the chances that the U.S. department store operator will escape liquidation.

In a concession, Lampert agreed to assume tax and vendor bills Sears has incurred since filing for bankruptcy protection in October, the sources said. His revised bid was submitted through an affiliate of his hedge fund, ESL Investments Inc., on Wednesday afternoon along with a $120 million deposit, the sources added.. . . more