Sears chairman Eddie Lampert prevailed in a bankruptcy auction for the chain with an improved takeover bid of roughly $5.2 billion, allowing the retailer to keep its doors open, sources said Wednesday.
The Wisconsin-based department store operator reported an increase of 1.2% in comps for the 2018 holiday period, a significant deceleration when compared to the growth of 6.9% seen in the prior-year period.
Sears Holdings Chairman Eddie Lampert confirmed on Thursday he has made a new takeover bid of more than $5 billion for the company, an offer that may increase the likelihood the U.S. retailer will be able to stay open.
As Sears teeters on the brink of liquidation, its employees are pushing for a hardship fund they hope can replicate the success of bankrupt retailer Toys ‘R’ Us, whose workers collected $20 million in severance pay.
Sears Holding Corp Chairman Eddie Lampert submitted a revised roughly $5 billion takeover bid for the company on Wednesday, boosting the chances that the U.S. department store operator will escape liquidation.