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Chairman Eddie Lampert gets another chance to save Sears

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Chairman Eddie Lampert gets another chance to save Sears

A bankruptcy court on Jan. 8 gave another chance to Sears Holdings Corp. Chairman Eddie Lampert to buy the retailer out of bankruptcy. Sears will advance with its planned auction Jan. 14 if Lampert deposits $120 million by Jan. 9, The Wall Street Journal reported, citing Sears bankruptcy lawyer Ray Schrock.

Lampert's hedge fund ESL Investments Inc. had submitted a $4.4 billion bid to take Sears out of bankruptcy. The offer includes keeping 425 stores open. The bid was previously rejected by the company as its advisers considered it insufficient. According to Reuters, an attorney for Sears told U.S. Bankruptcy Judge Robert Drain that Lampert is expected to submit a revised offer Jan. 9 for the retailer, along with a $120 million deposit.

The Wall Street Journal report said Sears' unsecured creditors are not satisfied with Lampert's offer. They are in favor of liquidation of Sears, according to the report, which noted that two sets of liquidation firms put in earlier bids to close the chain but did not meet the bidding requirements.