Economy

Sears chairman makes $4.4B bid to save company

Sears chairman makes $4.4B bid to save company

Lampert persuaded three lenders to finance the $4.4 billion offer, according to a statement from ESL Investments.

Sears Holdings Corp Chairman Eddie Lampert submitted a $4.4 billion takeover bid for the bankrupt US retailer, representing its only chance of escaping liquidation and laying off tens of thousands of workers, a spokesman for the billionaire's hedge fund said on Friday. "Even with an approved bid, the company is heading for another iceberg and will sink before the winter weather is gone".

Another store closing was announced for a location in Muskegon. Sears Auto Centers at those locations will also close.

The company, which had almost 700 stores at the time of its bankrutpcy filing, has been seeking a bidder willing to keep 500 of the remaining stores open as part of a reorganization of the business.

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.

The company says these closures are in addition to the shutdown of 40 unprofitable stores expected to be completed in February.

More news: Trump Says Now Is The Right To Buy Stocks

Two Central Texas Sears will be closing by Spring.

The iconic retailer, once the nation's largest department store chain, faced a deadline of Friday for bids for its remaining stores to avert closing down completely.

At the time of the bankruptcy filing, Lampert said his plan could have preserved 50,000 jobs.

Liquidation - which would have been halted if a buyer stepped forward - is set to begin in two weeks.

ESL bought Kmart out of bankruptcy in 2002. He's shuttered hundreds of money-losing stores, cut more than $1 billion in annual expenses, and spun off units such as Lands' End Inc.

Sears' advisers have until January 4 to decide whether ESL is a "qualified bidder" to take part in the January 14 auction against liquidation bids.


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