ADVERTISEMENT

Report: Sears chairman submits new US$5bil bid to save retailer


Another reprieve: A person walks near a sign for a Sears store in Hackensack, New Jersey. Sears is getting another reprieve from liquidation after its chairman and largest shareholder revised his bid to save the iconic brand. — AP

Another reprieve: A person walks near a sign for a Sears store in Hackensack, New Jersey. Sears is getting another reprieve from liquidation after its chairman and largest shareholder revised his bid to save the iconic brand. — AP

NEW YORK: Sears Holdings Corp chairman Eddie Lampert submitted a revised roughly US$5bil takeover bid for the company on Wednesday, people familiar with the matter said, boosting the chances that the US 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. The billionaire’s revised bid was submitted through an affiliate of his hedge fund, ESL Investments Inc, on Wednesday afternoon along with a US$120mil deposit, the sources added.

Corporate News , sears

   

ADVERTISEMENT