Hedge fund ESL Investments (Greenwich, Conn.) has placed a $4.6 billion bid for Hoffman Estates, Ill.-based Sears, according to a regulatory filing the company made with the Securities and Exchange Commission. The bid will have to be approved by a court judge before the deal can be approved.
The hedge fund said in a statement that, “ESL Investments continues to believe in Sears Holdings’ immense potential to evolve and operate profitably as a going concern with a new capitalization or organizational structure. We believe that a future for Sears as a going concern is the only way to preserve tens of thousands of jobs and bring continued economic benefits to the many communities across the United States that are touched by Sears and Kmart stores.”
To that end, the bid would save about 50,000 jobs and reinstate the prepetition severance program for eligible employees, according to Women’s Wear Daily.
ESL Investments is owned by Eddie S. Lampert, Chairman and former CEO of Sears.