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Home / Business / Sears chairman Lampert and his hedge fund give eleven-hour offer to acquire a venerable retailer

Sears chairman Lampert and his hedge fund give eleven-hour offer to acquire a venerable retailer



NEW YORK (AP) – Eddie Lampert and his hedge fund ESL Holdings offer to buy the remainder of Sears for up to $ 4.6 billion in cash and stock to repel the liquidation.

Sears Chairman and ESL According to FactSet, the founder owns nearly half of the Hoffman Estates, Illinois-based company. Sears

SHLDQ, -2.24%

applied for bankruptcy protection for Chapter 11 in October, burdened by years of declining sales and massive debt. It then said it would shut down 1

42 unprofitable businesses in the hope that it could stay in business.

Do not miss it: Sears Announces 80 More Closures of Sears and Kmart Stores

ESL Holdings announced Thursday that the non-committal offer for the approximately 500 remaining Sears stores is approximately 50,000 employees. The offer is subject to due diligence and ESL's ability to receive financing, among other things.

"ESL believes that a future for Sears is the only way to save tens of thousands of jobs and bring more economic benefits to the many communities in the United States touched by Sears and Kmart outlets," he said the company in a prepared opinion.

It was not until 2012 that the company operated 4,000 Sears and Kmart stores. Including the closures following the bankruptcy filing, Sears would have just over 500 working locations left.

The pace of deterioration was rapid.

It was not until 2012 that the company operated 4,000 Sears and Kmart stores. Including the closures following the bankruptcy filing, Sears would have slightly more than 500 functioning locations.

As of the bankruptcy filing, the company employed approximately 68,000 people.

The ESL offer follows a series of steps that Lampert has offered to save the company in recent years. And, in addition, he lacks the support of many providers who are reluctant to work with Sears because they fear they will not get paid.

"I think he has a plan, whether it's obvious to us or not," said David Tawil, president and co-founder of Maglan Capital, which follows desperate companies. "I do not know if this plan will succeed."

From the Archives: Yes, Sears is likely to collapse, but Eddie Lampert, the largest lobbyist, will manage to find Robin Lewis, a New York-based retail consultant, asking if Lampert honestly tries that Save business and pull out of bankruptcy.

. "He will continue to destroy it, and it will be right where it was."

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