Headlines

Sears Receives Bids

Chair Eddie Lampert has submitted multiple bids for the bankrupt chain

Published

5 years ago

January 4, 2019

Sears (Hoffman Estates, Ill.) has received multiple bids from Chair Eddie Lampert in hopes of keeping at least some stores in operation.

Transform Holdco LLC, an affiliate of Lampert’s ESL Investments (Greenwich, Conn.) hedge fund, has submitted a $4.4 billion buyout offer for nearly all of the company’s assets, including 425 stores. According to Chain Store Age, the offer does not, however, guarantee that the stores wouldn’t be liquidated.

Lampert also submitted an alternative bid proposal, valued at $250 million, which would keep at least 250 stores open and acquire some of the company’s other assets.

The company and its advisers have through today to determine if the buyout offer is qualified and can move on to the bankruptcy auction, which is scheduled for Jan. 14.

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