Reuters has reported that ESL Investments, the hedge fund run by Sears’ former CEO Eddie Lampert and the store’s largest creditor, has forwarded a $4.6 billion bid to rescue 500 Sears stores from liquidation.

According to Reuters, the bid may be the last chance Sears has from folding for good, especially if no other buyer steps forward.

Reuters also said that, should the sale go through, the $1.8 billion in debt Sears owes to ESL would be forgiven.

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