Eddie Lampert proposes $4.6B bid for bankrupt Sears
December 7, 2018
Eddie Lampert, the chairman of Sears and manager of hedge fund ESL Investments, the retail giant's largest shareholder and creditor, has made a $4.6 billion offer to buy the company out of bankruptcy. The proposed deal would be funded by a mix of debt, Lampert's existing equity, and cash, according to a letter sent by ESL to the SEC. The letter also stated that the bid would save about 500 stores and 50,000 jobs.
Lampert's bid represents the final chance for the once great retailer before it faces liquidation from other unsecured creditors. The company, which had a $30 billion market cap at its height in 2007, had its shares taken off the NASDAQ in late October after trading below $1 for 30 days. If the deal's approved, ESL will acquire Sears Auto Centers, appliance unit Kenmore, battery business Diehard and the company's home services division.