Court Gives Eddie Lampert One More Chance to Save Sears
Sears and Chairman Eddie Lampert have one more reprieve. A bankruptcy judge gave Lampert and his ESL Investments hedge fund one last chance to bid on the ailing, 126-year-old retailer, despite Sears’ intentions to reject Lampert’s $4.4 billion offer to buy a portion of the remaining stores.
Lampert’s hedge fund, ESL Investments, will now be required to pay a $120 million deposit by 4:00 p.m. Wednesday. Sears will then allow Lampert to participate in a previously scheduled auction on Monday, when it will compare ESL’s offer to others by liquidators.
Read more at CNBC.