Sears agrees to consider revised takeover bid, staving off liquidation for now
NEW YORK — Sears Holdings Corp agreed on Tuesday to consider a revised takeover bid from Chairman Edward Lampert, temporarily staving off a liquidation that would have spelled the end of the 126-year-old U.S. department store operator.
Lampert’s latest attempt to rescue Sears came after his previous US$4.4 billion bid fell short, prompting the retailer to make liquidation preparations ahead of bankruptcy court hearing in New York on Tuesday.
An attorney for Sears told U.S. Bankruptcy Judge Robert Drain that Lampert is expected to submit a revised offer for the retailer, along with a US$120 million deposit, by 4 p.m. Eastern on Jan. 9. He did not disclose details of the new offer.