Sears Chairman makes US$4.6b bid for bankrupt retailer
Reuters reported that Sears Holdings Corp Chairman Eddie Lampert’s ESL Investments Inc has made an offer valued at US$4.6 billion to buy the bankrupt US retailer, one of the only options that would prevent the department store chain from shutting its doors for good. The offer calls for about 500 Sears stores to remain open and would keep 50,000 of the retailer’s workers employed, according to a letter from his hedge fund filed with the Securities and Exchange Commission last week. The 125-year-old company faces a series of deadlines this month to find a buyer that would keep it in business as some of its creditors call for it to shut down. Many US retailers that have filed for bankruptcy in recent years, including toy seller Toys R Us Inc and department store Bon-Ton Stores Inc, have liquidated after no viable offers to keep the companies open were made.