Sears Chairman Eddie Lampert has submitted a revised bid of roughly $5 billion in a last-ditch attempt to save the retailer from liquidation, The offer comes one day after Lampert’s initial $4.4 billion bid was rejected by the company as being financially inadequate.
The updated bid was reported by sources to CNBC.
As part of the new bid, Lampert will assume tax and vendor bills incurred since Sears’ October bankruptcy, according to the report.
Should Sears accept the bid as financially viable, it will allow ESL to participate in an auction set for January 14 against other buyers that are expected to be liquidators. After a number of announced closings, ESL hedge fund would acquire 425 Sears and Kmart banners.
