Sears Chairman Submits New $5 Billion Bid to Save Bankrupt Retailer

A dismantled sign sits leaning outside a Sears department store one day after it closed as part of multiple store closures by Sears Holdings Corp in the United States in Nanuet, New York, U.S., January 7, 2019. Mike Segar/Reuters

Sears Holdings Corp. Chairman Eddie Lampert submitted a revised takeover bid of more than $5 billion for the company, according to a regulatory filing made on Jan. 10, significantly increasing the likelihood the U.S. department store will be able to stay in business.

Sears set a Jan. 9 deadline for Lampert to submit a new offer for the retailer and a $120 million deposit, after the billionaire hedge fund manager’s earlier $4.4 billion bid fell short. The chain, which includes Kmart discount stores, had decided to ask a U.S. bankruptcy judge to pursue liquidation the morning of Jan. 8, before giving Lampert more time to improve his offer.