Sears’ biggest holder bids $4.6B for rest of bankrupt chain
|Toronto Star 06 Dec 2018 at 12:24|
The Sears chairman and ESL own just under half of the Hoffman Estates, Illinois, company, according to FactSet. Sears filed for Chapter 11 bankruptcy protection in October, weighed down by years of declining sales and massive debt.
The hedge fund run by Sears chairman Edward Lampert is offering to buy much of Sears’ remaining assets for about $4.6 billion (U.S.) with hopes of keeping the bankrupt retailer in business and continuing to employ about 50,000 of its workers. (Brian Cassella / TNS)
ESL Holdings said in a regulatory filing Thursday that its non-binding offer for roughly 500 remaining Sears stores will keep about 50,000 employees working. The offer is subject to due diligence and ESL’s ability to get financing, among other things.