Sears Still Alive

New Lampert offer of $5B will face off against liquidation Jan. 14

Eddie Lampert, Chairman of Sears Holdings Corp., submitted a new bid for control of the iconic department and home improvement store chain Thursday. It is worth more than $5 billion, and would include his takeover of the company, according to a regulatory filing made on Thursday, Reuters reported. Sears had set a deadline for Lampert to up his previous offer of $4.4 billion. Sears will consider Lampert’s offer against a possible liquidation during a Jan. 14 bankruptcy auction.

The groundbreaking company filed for bankruptcy in October 2018 after struggling for the previous two decades.

The new Lampert bid would preserve up to 50,000 jobs. Sears employed about 68,000 people when it filed for bankruptcy.

“A group of Sears creditors, including some landlords and vendors, has been calling for the chain to shut its doors for good, saying they will recover more money in that scenario. They also say that suing Lampert over past deals he has done with the company will help boost how much they recoup,” Reuters editors said of the alternate scenario.

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