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Sears Holdings Makes Lampert’s Winning Bid Official

Sears Holdings officials acknowledged Edward Lampert’s winning bid for the company, subject to bankruptcy court approval.

According to Sears, ESL Investments will acquire substantially all of the company’s assets, including the “Go Forward Stores” on a going-concern basis for approximately $5.2 billion.

The hearing to approve the sale is currently scheduled for February 1, 2019. Provided the closing conditions are satisfied, the transaction is expected to close on or about February 8, 2019.

The restructuring committee of Sears Holdings board of directors said in a statement, “We are pleased to have reached a deal that would provide a path for Sears to emerge from the Chapter 11 process. Importantly, the consummation of the transaction would preserve employment for tens of thousands of associates, as well as the relationships with many vendors and suppliers who provide Sears with goods and services.”