Dec 28, 2018 - Economy

Sears reportedly staves off liquidation — for now

Run down Sears sign

Photo: Spencer Platt via Getty Images

Sears chairman Eddie Lampert reportedly submitted a $4.6 billion bid to buy the company and potentially save it from liquidation on Friday, hours before the deadline, according to CNBC and Reuters.

The big picture: Lampert, who has received at least part of the blame for the department store chain’s demise, heads the hedge fund that is the retailer’s biggest creditor and owns equity in the company. Investors have until Jan. 4 to determine whether his hedge fund, ESL Investments, is a qualified buyer. After that, the bid will be weighed against liquidation offers to determine whether the chain will be kept alive or closed down permanently.

  • The retail giant filed for bankruptcy in October and announced Friday it would close an additional 80 stores in March — bringing the total number of closures to 260.

Go deeper: How sluggishness killed Sears

Editor's note: This piece was corrected to show Lampert reportedly submitted a $4.6 billion bid (not $4.6 million bid).

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