Sears Chairman Edward Lampert moved Friday to throw a lifeline to the bankrupt retailer even as the company announced plans to close 80 more stores, including two in Illinois.
Lamperts hedge fund said in a statement that it pulled together financing to submit a $4.4 billion bid for the retailer on Friday, the deadline for parties interested in acquiring Sears assets to submit bids. The statement was released by Transform Holdco LLC, an affiliate of the hedge fund ESL Investments.
The bid, according to Transform Holdco, includes a $1.3 billion financing commitment from three leading financial institutions.
Lamperts hedge fund indicated earlier in the month that it would bid on the Hoffman Estates-based retailers re…
Read the full article at: https://www.chicagotribune.com/business/ct-biz-sears-store-closures-bankruptcy-bid-deadline-1229-story.html