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Sears chairman submits new $5 billion bid to save bankrupt retailer

Staff Writer |
Sears Holdings chairman Eddie Lampert confirmed he has made a new takeover bid of more than $5 billion for the company.

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Lampert’s revised offer, whose details were first reported by Reuters on Wednesday, will be assessed by Sears during a Jan. 14 bankruptcy auction. The company will consider whether the bid offers more value to creditors than a liquidation.

“We believe our proposal will provide substantially more value to stakeholders than any other option, in particular a liquidation,” a spokesperson for Lampert’s hedge fund, ESL Investments Inc, said in a prepared statement.

“is the best path forward for Sears, its associates and the many communities across the United States touched by Sears and Kmart stores,” the statement added. Sears also operates the Kmart discount chain.

Lampert’s previous bid, which fell short of Sears’ expectations, was valued at $4.4 billion.

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