NEW YORK | Sears will not go quietly into that good night.
The troubled retailer will receive another reprieve from liquidation after its chairman and largest shareholder updated his bid to keep the iconic brand alive.
The Hoffman Estates, Illinois-based retailer says it has accepted Eddie Lampert’s bid via an affiliate of his ESL hedge fund that could keep 425 stores open and save tens of thousands of jobs, according to a hearing on Tuesday at the bankruptcy court in White Plains, N.Y. The bid now requires Lampert to deposit $120 million by 4 p.m. Wednesday through his hedge fund.
The revised bid, which has not yet been made official, will be evaluated in an auction set for Jan. 14 that will compete with other bids from liquidators looking to shut it down.