Report: Lampert Increases Bid To Save Sears

Sears Holdings will reportedly consider a newly revised takeover bid from its chairman Edward Lampert, just days after it appeared that the bankrupt retailer was headed for liquidation.

Reuters reported on Thursday, January 10, that Lampert confirmed that he has made a new takeover bid of more than $5 billion for the company, an offer that may increase the likelihood the department store will be able to stay in business.

The report said the revised offer will be assessed by Sears during a January 14 bankruptcy auction. The company will consider whether the bid offers more value to creditors than a liquidation, according to the media report.

Lampert’s previous bid for the retailer was valued at $4.4 billion. Initial reports earlier in the week had indicated that Sears Holdings officials were preparing to ask the bankruptcy court judge for permission to move forward with liquidation proceedings, before Lampert upped his takeover offer.