Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Lampert Offers $4.4B to Keep Sears in Business
Sears Holdings has until this Friday, Jan. 4, to notify potential buyers whether their offers have been accepted as qualifying bids. Notably, the hedge fund controlled by Sears CEO Eddie Lampert has offered $4.4 billion for a package of the bankrupt retailer’s assets, including 425 of the remaining Sears- and Kmart-branded stores.
Transform Holdco, a new entity controlled by Lampert’s fund, said in a letter to Sears’ investment banker that keeping the Hoffman Estates, IL-based Sears in business is the best way to preserve up to 50,000 jobs and recover its debts, the Chicago Tribune reported. The letter, dated Dec. 28, was released Wednesday in a regulatory filing.
If Sears doesn’t accept the $4.4-billion bid packaging many of the remaining assets, Transform Holdco said it also would bid on certain assets individually. These include the Sears Home Services business, certain intellectual property and real estate, and the company’s logistics operation.
Get Chicago News in 150 WordsFor comments, questions or concerns, please contact Paul Bubny
- ◦Financing
