Sears’ big­gest holder bids $4.6B for the rest of bank­rupt chain

Medicine Hat News - - BUSINESS -

Ed­die Lam­pert and his ESL Hold­ings hedge fund are of­fer­ing to buy the rest of Sears for up to $4.6 bil­lion in cash and stock.

The Sears chair­man and ESL own just un­der half of the Hoff­man Es­tates, Illi­nois, com­pany, ac­cord­ing to Fac­tSet. Sears filed for Chap­ter 11 bank­ruptcy pro­tec­tion in Oc­to­ber, weighed down by years of de­clin­ing sales and mas­sive debt.

ESL Hold­ings said in a reg­u­la­tory fil­ing Thurs­day that its non­bind­ing of­fer for roughly 500 re­main­ing Sears stores will keep about 50,000 em­ploy­ees work­ing.

The of­fer is sub­ject to due dili­gence and ESL’s abil­ity to get fi­nanc­ing, among other things.

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