According to two Bloomberg articles, Eddie Lambert’s ESL Investments has increased its bid to purchase Sears to $5 billion and hopes to keep the bankruptcy court in its corner by maintaining more jobs than initially proposed.
Bloomberg reported that ESL, Sears and the latter’s creditors hope to avoid a replay of the Toys “R” Us liquidation from last year, which saw thousands of workers protesting the loss of both their jobs and pensions, leading to major reputational damage to creditors and heightened scrutiny from investors.
Bloomberg added the new offer would include $43 million in additional severance and a proposal to keep 50,000 jobs, though the future of Sears as a business still remains tenuous.
Follow the story:
Lampert Files Last-Minute $4.4B Bid to Keep Sears in Business
Year’s End Could Bring End to Sears
