Sears Receives Temporary Last Minute Reprieve

Like
Like Love Haha Wow Sad Angry

Department store chain Sears won a reprieve from liquidating Friday after its chairman, Eddie Lampert, submitted a $4.4 billion bid in an effort to buy the retailer and keep it alive.


Sponsor

Trump Calls Emergency Meeting At The White House

Rumours say Trump called a secret emergency meeting at the White House after learning about this weirdo device.

>> WATCH THIS IMMEDIATELY <<


Lampert’s hedge fund, ESL Investments, put forward the tentative proposal for the parent of Kmart and Sears earlier this month, with his formal submission due today. The offer came just in time to meet the 4:00 p.m. deadline, CNBC first reported.

Friday’s offer, which Lampert submitted through an ESL affiliate, Transform Holdco, is for 425 of Sears’ stores. To fund the bid, it has a $1.3 billion financing commitment from investment banks, a spokesperson for ESL in a Friday statement.

The bid would “offer employment to up to 50,000 associates,” the spokesperson for ESL said, cautioning, though, that it would depend on “further actions the company may take between now and closing.” It would also reinstate severance protections for “eligible employees.”

read more at nbcnews.com

What Are Your Thoughts?

comments

About Chuck Berry

Chuck comes from a lineage of journalism. He has written for some of the webs most popular news sites. He enjoys spending time outdoors, bull riding, and collecting old vinyl records. Roll Tide!