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Sears Chairman Eddie Lampart Submits Proposal to Save Company

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First reported by Reuters.com

Summary:

  • The chairman of Sears is trying to make one big hail mary pass to save the heritage company from a demise.
  • Eddie Lampert is making a bid for the company he has chaired led by his hedge fund, ESL Investments.
  • ESL submitted a $4.6 billion proposal on Thursday to help save the bankrupt retailer with the purchase of 500 stores.
  • Some of the creditors that Sears owes would rather see the company liquidated than to sell to ESL.

Questions:

  • Is it simply too late for Sears?
  • Has the time for companies like Sears and KMart simply come and gone?

Article:

(Reuters) – Sears Holdings Corp (SHLDQ.PK) President Eddie Lampert’s ESL Investments Inc. made an offer valued at $4.6 billion to purchase a bankrupt U.S. retailer, one of the only options that would prevent the department store chain from shutting its doors.

According to a letter from his hedge fund submitted to the Securities and Exchange Commission on Thursday, Lampert’s offer calls for approximately 500 Sears stores to remain open and would keep 50,000 of the retailers’ workers employed.

This month, the 125-year-old company faces a number of deadlines to find a buyer who would keep it in business, as some of its creditors call for it to be shut down, claiming that it would be reimbursed more by selling out.

Read More: https://www.reuters.com/article/us-sears-holding-corp-bankruptcy-idUSKBN1O51L9

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