Sears Holdings will consider a revised takeover bid from its chairman Edward Lampert just hours after it appeared that the venerable retailer was headed for liquidation, Reuters reported Tuesday afternoon.
The report noted that a lawyer representing Sears told U.S. Bankruptcy Court Judge Robert Drain that Lampert was expected to offer a new bid for the parent company of Sears and Kmart along with a deposit of $120 million. Details of the new offer were not immediately available.
Lampert’s most recent bid for the retailer was valued at $4.4 billion. Initial reports on Tuesday, January 8, indicated that Sears Holdings officials were preparing to ask Drain for permission to move forward with liquidation proceedings.