Edward Lampert is looking to keep the doors of Sears Holdings open for business with a $4.6 billion bid to acquire the now bankrupt retailer.
Bloomberg reported on Thursday, December 6, that the bid would be funded with a new loan valued at about $950 million and other debt.
In a statement to Bloomberg, Lampert said he sees “significant strategic initiatives and investments in a right-sized network of large and small format stores, digital assets and interdependent operating businesses.”
The retailer, which filed Chapter 11 in October, previously announced it would close more than 180 Kmart and Sears locations.
At the end of November, published reports indicated that Lampert and Cyrus Capital Partners were working together to prepare a bid to take over the retail chain.