Sears gets $4.4 billion:Sears plans to close 80 more stores across the U.S. in March, as the bankrupt retailer may be forced to liquidate its business entirely, CNBC has learned.An affiliate of ESL Investments, the hedge fund controlled by Sears Holdings Chairman Eddie Lampert has offered to buy the owner of Kmart and Sears stores out of bankruptcy.
Sears and Kmart stores appear to have won a reprieve from liquidation from the company’s chairman late Friday.Eddie Lambert, chairman of Sears Holdings, submitted a bid Friday afternoon as part of an effort to keep the venerable retail company ticking, CNBC reported.Hours after Sears announced the closing of 80 additional stores Friday, a bid to buy the owner of Sears and Kmart out of bankruptcy was offered.
Transform Hold co LLC, an affiliate of ESL Investments, the hedge fund controlled by Sears Holdings Chairman Edward Lambert, submitted a bid for substantially all of the assets of Sears Holdings, including 425 stores, which it says is valued at $4.4 billion. The bid includes a $1.3 billion financing commitment from three financial institutions, according to an emailed statement. Transform said that if the bid is successful the company that emerges from bankruptcy would employ up to 50,000 people.
Sears is closing 80 more stores as it teeters on the brink of liquidation through a bankruptcy court. The 130-year old retailer had set a deadline of Friday for bids for its remaining stores to avert closing down completely. The only apparent bidder: Sears Holdings Corp.’s current chairman, the hedge fund investor Edward S. Lampert, CNBC reported, citing anonymous sources.