54°
Baton Rouge, Louisiana
7 Day Forecast
Follow our weather team on social media

Sears gets another reprieve from liquidation

2 years 10 months 3 weeks ago Tuesday, January 08 2019 Jan 8, 2019 January 08, 2019 1:18 PM January 08, 2019 in News
Source: Associated Press

NEW YORK (AP) - Sears is getting another reprieve from liquidation after its chairman and largest shareholder revised his bid to save the iconic brand.

The Hoffman Estates, Illinois-based retailer says it has accepted Eddie Lampert's bid through an affiliate of his ESL hedge fund that could keep 425 stores open and save tens of thousands of workers, according to a hearing on Tuesday at the bankruptcy court in White Plains, N.Y.

The bid now requires Lampert to deposit $120 million by 4 p.m. Wednesday through his hedge fund. The revised bid is not official and will be evaluated in an auction set for Jan. 14 that will compete with other bids from liquidators looking to shut it down.

More News

Desktop News

Click to open Continuous News in a sidebar that updates in real-time.
Radar
7 Days