Sears Holdings Corp. got another chance at survival after Chairman Eddie Lampert put together a last-minute, last-ditch bid to buy the retailer out of bankruptcy.
Lampert persuaded three lenders to finance the $4.4 billion offer, according to a statement from ESL Investments. The plan includes keeping 425 stores open and a $1.3 billion financing commitment, the statement said. Bank of America Corp. is leading the financing effort, people with knowledge of the plan have said. Sears expects to reinstate severance plans for employees who stay and would maintain guarantees to customers on appliances, televisions, lawn tractors and other big-ticket products.
