Edward Lampert has bid $4.4 billion for Sears Holdings in his latest effort to save the struggling retailer and owner of the Sears and Kmart brands.
The current chairman of Sears Holdings made the bid just before the start of the New Year. According to Reuters, Lampert’s bid is backed in part by $1.3 billion in financing from three different financial institutions. A spokesperson for Lampert’s hedge fund, ESL Investments Inc., said the deal if approved, would preserve the 425 stores the company has not yet closed.
The report, citing sources close to the matter, said companies involved in the financing are Bank of America, Citigroup and Royal Bank of Canada.
In addition, Lampert’s bid also relies on $1.8 billion of Sears debt already held by ESL and $400 million in financing from a non-bank lender.