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Expand chart
Note: Fiscal years shown above; 2006 was the 1st year Kmart-Sears merger was reflected in annual revenue; Data: FactSet; Chart: Chris Canipe/Axios

Sears chairman Eddie Lampert has upped his bid for some of the failed company's stores to $5 billion, hoping to shield it from liquidation, Reuters reports.

The state of play: The offer is 13% higher than Lampert's previous bid, which was rejected earlier this week.

Our thought bubble: Look at this brief timeline of Sears in the 21st century...

  • Lampert's hedge fund, ESL Investments, bought bankrupt Kmart in 2003 to merge with Sears.
  • After the Kmart-Sears Roebuck merger, Lampert was named chairman of the combined company, and then named CEO in 2013.
  • Lampert sold hundreds of stores to a spin-off company in which he was an investor, took in millions of dollars worth of loans from himself and ESL, and shed marquee brands to raise cash — all while being accused of ripping Sears apart for his own personal gain.
  • The company filed for bankruptcy in October.

Go deeper: The cannibal of Sears

Go deeper

Mike Allen, author of AM
11 mins ago - Politics & Policy

Biden-Harris, Day 1: What mattered most

President Joe Biden and first lady Dr. Jill Biden arrive at the North Portico of the White House. Photo: Alex Brandon-Pool/Getty Images

The Axios experts help you sort significance from symbolism. Here are the six Day 1 actions by President Biden that matter most.

Driving the news: Today, on his first full day, Biden translates his promise of a stronger federal response to the pandemic into action — starting with 10 executive orders and other directives, Caitlin Owens writes.

Read: Pete Buttigieg's opening statement ahead of confirmation hearing

Pete Buttigieg, President Biden's nominee to be secretary of transportation, in December. Photo: Kevin Lamarque/AFP via Getty Images

Pete Buttigieg, President Biden's nominee to lead the Transportation Department, will tell senators he plans to prioritize the health and safety of public transportation systems during the pandemic — and look to infrastructure projects to rebuild the economy — according to a copy of his prepared remarks obtained by Axios.

Driving the news: Buttigieg will testify at 10 a.m. ET before the Senate Committee on Commerce, Science and Transportation. He is expected to face a relatively smooth confirmation process, though GOP lawmakers may press him on "green" elements of Biden's transportation proposals.

Off the Rails

Episode 8: The siege

Photo illustration: Aïda Amer/Axios. Photos: Mandel Ngan/AFP via Getty Images

Beginning on election night 2020 and continuing through his final days in office, Donald Trump unraveled and dragged America with him, to the point that his followers sacked the U.S. Capitol with two weeks left in his term. Axios takes you inside the collapse of a president with a special series.

Episode 8: The siege. An inside account of the deadly insurrection at the Capitol on Jan. 6 that ultimately failed to block the certification of the Electoral College. And, finally, Trump's concession.

On Jan. 6, White House deputy national security adviser Matt Pottinger entered the West Wing in the mid-afternoon, shortly after his colleagues' phones had lit up with an emergency curfew alert from D.C. Mayor Muriel Bowser.