There is still hope for Sears thanks to a revised offer from Chairman Eddie Lampert. Lampert has submitted a revised bid of approximately $5 Billion. Earlier this week, Lampert attempted to strike a deal at $4.4 Billion, with a down payment of $120 million due Wednesday. However, Sears rejected the original offer, prompting Lampert to offer the revised bid while submitting the $120 million down payment. Furthermore, he also agreed to take up tax and vendor bills that have resulted after filing for bankruptcy protection.
Sears has been trudging through muddy waters in recent months. After months of shutting down stores and facing the threat of liquidation, there is another spark of hope for the struggling conglomerate. With only 425 locations open across the US, Sears has accrued over $600 million in liabilities, including taxes and assorted expenses. Sears is set to consider Lampert’s offer during a bankruptcy auction on January 14th.
Despite Lampert’s efforts, some creditors are calling for the chain to shut down for good, arguing they could recover more money that way. Lampert’s offer has the potential to preserve almost 50,000 jobs.