Sears Chair Lampert Makes $4.6 Billion Bid To Keep Retailer Alive: Sources

www.oann.com | 5/23/2016 | Staff
Celtics2212 (Posted by) Level 3
(Reuters) – Sears Holdings Corp Chairman Eddie Lampert has submitted a roughly $4.6 billion takeover bid for the bankrupt retailer, representing its only chance of escaping liquidation and laying off tens of thousands of workers, people familiar with the matter said on Friday.

The offer came after Sears’ existing lenders Bank of America Corp and Citigroup Inc, as well Royal Bank of Canada, which was not previously a lender, agreed to provide a $950 million asset-based loan and a $350 million revolving credit line to back Lampert’s bid, the sources said.

Lampert - Bid - Stores - Sears - Jobs

Lampert’s bid would preserve about 425 stores that Sears has yet to close, and secure the jobs of 50,000 workers out of the 68,000 employed by the retailer, the sources said.

Some of Lampert’s bid relies on $1.8 billion of Sears debt that his hedge fund ESL Investments Inc already holds and Lampert plans to forgive to back his offer, the sources said....
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