Eddie Lampert, Sears Holdings Corp. Chairman has attempted to do his part in keeping the 125-year-old retail franchise alive with a submission of a $4.4 billion bid. Through Transform Holdco LLC, an affiliate of ESL Investments Inc., which is his private equity firm, he placed his bid. Transform Holdco later said in a statement that the $1.3 billion would go on to finance “three leading financial institutions,” as well as 425 Sears and Kmart stores.
50,000 people are expected to be hired if the bid is successfully taken, and each eligible worker will be allowed reinstated severance. The bid was announced in December of 2018 by ESL Investments Inc. and was formally submitted just before the deadline of December 28th. The Sears bankruptcy website will announce which bidders qualify on January 14th. December 28th also had Sears announce the closure of 86 more of their stores which include 34 Kmarts and 52 Sears.
Information originally sourced from National Jeweler