Markets

Sears chairman makes $4.4B bid to save company

Sears chairman makes $4.4B bid to save company

According to a list released Thursday by parent company Sears Holdings, the WestShore Plaza store will be shuttered by late January along with the others "as part of Sears Holdings' processes to accelerate its strategic transformation and facilitate its financial restructuring".

Lampert submitted the $4.4 billion offer Friday through Transform Holdco, an affiliate of his hedge fund, ESL Investments, just before a 4 p.m. deadline Friday, CNBC first reported.

Sears Holdings Corp. got another chance at survival after Chairman Eddie Lampert put together a last-minute, last-ditch bid to buy the retailer out of bankruptcy. Any bid to purchase it must be approved by a bankruptcy court.

The only other bids Sears has received are from suitors interested in pieces of the company and liquidators prepared to run going-out-of-business sales at stores and shut down the retailer.

Those 86 locations include 80 stores, five Sears Auto Centers and one distribution center.

The iconic but now bankrupt chain announced Friday it was closing 80 more Sears and Kmart stores.

Man City wait on Fernandinho fitness ahead of Liverpool clash
"100th and 101st goals with this wonderful club is something I will never forget", said the Belgian. Football is [that] you are able to win a lot of games and you are able to lose a lot of games.

Rounds of store closures were previously announced in October and November.

Some of Lampert's bid relies on $1.8 billion of Sears debt that ESL already holds and plans to forgive to back the offer, the sources said. The closings comprise 43 Sears and 37 Kmart stores, the two brands operated by Sears Holdings.

ESL said that should its bid be accepted, it expects the company to emerge from bankruptcy.

The company had almost 700 stores at the time of its bankruptcy filing.

It's not clear how many jobs will be lost when the Santa Maria Kmart store shuts down. Liquidation sales are expected to begin in two weeks and last until March.

Friday's announcement came among reports that Sears, once the largest retailer in the world, might be near liquidation as a key court deadline came without any expected bids for the firm's assets.


  • Trump and Republicans Shift to Blaming Pelosi for the Shutdown

    Trump and Republicans Shift to Blaming Pelosi for the Shutdown

    During the brief session in the House, Republicans shot down a Democratic attempt to vote on legislation to reopen the government. As Breitbart News reported on Friday, reports revealed that Pelosi was spending the shutdown at a luxurious resort in Hawaii.
    Stock Boom Day After Christmas

    Stock Boom Day After Christmas

    The Nasdaq was up 4 percent and on track to wipe out Monday's losses. the S&P posted a 2.9 percent pop in afternoon trading. ENERGY: Benchmark U.S. crude jumped $1.02 to $45.63 per barrel in electronic trading on the New York Mercantile Exchange.
    Virat Kohli A Fantastic Captain, Says Mitchell Starc

    Virat Kohli A Fantastic Captain, Says Mitchell Starc

    India and Australia are now tied 1-1 in the four-match series after topsy-turvy contests in Adelaide and Perth. It's all about what worked for me where I am comfortable not necessarily looking at how hard the wicket is.
  • Bama Defender Stops Himself Before Trashing OU's Kyler Murray in Live Interview

    Bama Defender Stops Himself Before Trashing OU's Kyler Murray in Live Interview

    Earlier this year, Murray was drafted by the Oakland A's before he was in the running for the Heisman Trophy. They were in NY a few days later for the Heisman Trophy presentation, where Murray claimed the top prize.
    Officials in Iraq slam Trump's unannounced visit to base

    Officials in Iraq slam Trump's unannounced visit to base

    The formation of Iraq's government has stalled as well, amid intensifying discord between the Islah and Bina blocs. The strike destroyed the tunnel entrance and killed four IS fighters, according to the us military in Baghdad.
    Christians celebrate Christmas today

    Christians celebrate Christmas today

    In a statement here today, Chandrababu said Jesus Christ preached peace and wished the welfare of human mankind. Celebrating Christmas can lead to serious trouble in Muslim countries like Saudi Arabia, Somalia and Brunei.
  • Meghan Markle Reveals Her Due Date Is ‘Nearly’ Here

    Meghan Markle Reveals Her Due Date Is ‘Nearly’ Here

    The Duchess of Sussex , who is expecting the couple's first child this spring, is said to have given an update on her due date. Revealing they had halted betting that Meghan giving birth to twins last month, Paddy Power said: "We had to suspend betting".
    DJIA rallies over 1000 points in a strong post Christmas recovery

    DJIA rallies over 1000 points in a strong post Christmas recovery

    The SPI200 futures contract was unchanged at 5,553 at 8am on Friday, having been more than 1 per cent lower just an hour earlier. This therefore means that NASDAQ is down by more than 20 percent from the value of 29 of august when it had recorded its high.
    Manchester United boss Ole Gunnar Solskjaer That's the Paul Pogba I know

    Manchester United boss Ole Gunnar Solskjaer That's the Paul Pogba I know

    All of a sudden for United fans, it really is beginning to feel like the most wonderful time of the year. I had such a great relationship with them. "You're playing against a team that makes it hard".
  • 3rd Test Bumrah strikes twice to reduce Australia to 894

    3rd Test Bumrah strikes twice to reduce Australia to 894

    There was a funky short square leg at place and both Pujara and Kohli ended up playing straight into the hands of the fielder. Bumrah broke a 39-year-old Indian record on Friday as he surpassed Dileep Doshi 's tally of 40 Tests wickets in a debut year.
    In surprise Iraq trip, Trump defends decision to withdraw from Syria

    In surprise Iraq trip, Trump defends decision to withdraw from Syria

    The Iraqi prime minister recently said Iraqi troops could deploy into Syria to protect Iraq from threats across its borders. It was a day late to qualify as the kind of iconic holiday trip to celebrate with USA troops that George W.
    Meghan Markle and Prince Harry baby name revealed as Princess Diana?

    Meghan Markle and Prince Harry baby name revealed as Princess Diana?

    According to reports, unease between Meghan and Kate is the reason why the royal duo will move to Windsor early next year.