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Sears Chairman Eddie Lampert's hedge fund says the bid to rescue Sears was filed



Sears Chairman Eddie Lampert's hedge fund announced last Friday a $ 4.4 billion last-minute bid to stop the tedious retailer's liquidation. said it hoped to keep 425 stores open. The deal includes a $ 1.3 billion funding from three institutions, ESL said in a statement.

The iconic retailer, once the largest department store chain in the US, was due to leave Friday for deadline to avoid closure. 19659002] Earlier Friday, Sears said he had closed [805] since it was wiggling on the verge of liquidation.

The retailer, which started out as a mail order retailer in the 1

880s, was slowly on the way to death spiral, hobbled by the Great Recession and then overwhelmed by rivals on the streets and on the Internet.

The 80 shops are to be closed in March. In addition there are 182 stores that are already closed, 142 of them by the end of 2018 and 40 to February. The company filed Chapter 11 bankruptcy protection in October, saying it would close more than 20 percent of its stores at the time and keep only the 500 most profitable locations open.

Sears Holdings Corp., which also runs Kmart, joins the company's list of trademarks taken over by hedge funds, which collapsed under the weight of their debts imposed on them.

Under hedge fund manager Eddie Lampert, Sears has gained time by spying on business and the brands of the same name are blocking the company like Craftsman. The company's chairman and largest shareholder, Lampert, has lent his own money and made arrangements to keep the company alive and to make the profit possible for the ESL hedge fund. Lampert and ESL have been trying to buy the rest of Sears for up to $ 4.6 billion in cash and stock.

ESL said if the $ 4.4 billion bid is accepted, "we expect the bankrupt-born company to have up to 50,000 employees. "

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