Sears Avoids Liquidation With Last-Minute Bid

HOFFMAN ESTATES, IL — Hours after announcing 40 more store closings — including both Sears and Kmart locations — Sears Holdings received a last-minute bid to keep the company from liquidation. Chairman Eddie Lampert, who stepped down from his CEO positions when the company filed for bankruptcy in October, submitted a last-minute, $4.4 billion bid to stave off the end for the 125-year-old retailer.

The tentative bid came from Lampert's hedge fund, ESL Investments, and would include the purchase of 425 stores, CNBC reported.

The bid would “offer employment to up to 50,000 associates,” an ESL spokesperson told CNBC.

The bid's arrival could help stop liquidation, but it's not a sure thing. Sears has until Jan. 4 to determine whether ESL is a qualified bidder.

On Thurday, the Illinois-based company announced another 80 underperforming Sears and Kmart stores will close by March 2019, including two Sears stores in Illinois.

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