The bid was made after Lampert’s previous efforts, a US$4.4 billion offer as well as a secondary offer to purchase 250 of the retailers locations, were seen to be “administratively insolvent” – unable to cover the fees and vendor payments owed – and ultimately rejected.
The revised offer has been described as the “best possible path forward for Sears, its associates and the many communities across the United States touched by Sears and Kmart stores,” by an ESL Investments spokesperson, according to Reuters.
“We believe our proposal will provide substantially more value to stakeholders than any other option, in particular a liquidation,” the spokesperson said in a statement.
The bid would allow upwards of 50,000 employees to keep their positions.
The offer will be considered on 14 January and weighed against how much money would be brought in should the brand be sold on in pieces.
According to Reuters, a group of Sears creditors have been calling for the chain to shut down for good in order to recover the maximum return and are considering suing Lampert over past deals to further boost the amount they could recoup.
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