Sears chairman makes $4.4B bid to save company

by Ben Pena December 30, 2018, 2:09
Sears chairman makes $4.4B bid to save company

Earlier on Friday, Sears said it was closing 80 more stores.

You wouldn't exactly call it romantic, but Eddie Lampert is making a last-ditch attempt to rescue Sears. Despite the plan, Sears and Kmart have continued to suffer even as the company tried to cross-sell products between the companies, according to CNBC.

The iconic retailer, once the nation's largest department store chain, faced a deadline of Friday for bids for its remaining stores to avert closing down completely.

At the time of its bankruptcy filing, Sears said it had 687 stores and 68,000 employees, 32,000 of whom are full-time. As part of the closings, the accompanying Sears Auto Centers at the Sears stores slated for closure will also shut down.

While Lampert has said he intends to make the bid, he has not formally filed one with the bankruptcy court.

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As the deadline looms for Lampert to submit his offer, Sears advisors only have until January 4, to make the decision on whether he is a "qualified bidder".

The bid, which was not made public, is likely to include contingencies that would protect ESL and Lampert from being sued, sources with knowledge of the situation told The Post.

That proposal would keep Sears in business and preserve "tens of thousands of jobs", Lampert's hedge fund said in a letter to Sears' investment banker earlier this month.

All locations included in the release will be closed by late March 2019, with liquidation sales beginning in as little as two weeks. Sears' corporate headquarters was not answering further questions, either.

Now comes the announcement of 80 more stores on the chopping block. Rushmore Mall lost Sears as an anchor store in April.

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