Judge Gives Eddie Lampert Last Chance to Save Iconic Retailer



Sears Eddie Lampter bankruptcy ESL

Sears Chairman and ESL Investments founder Eddie Lampert will have one more chance to rescue the iconic retail chain from liquidation, a judge ruled on Tuesday.

As CCN reported, The 126-year-old retailer had hoped to receive approval from a bankruptcy judge to proceed with liquidation after advisors rejected a $4.4 billion takeover bid from Lampter and ESL.

However, according to CNBC, the judge sided with Lampert and ESL, who protested the move. Per the report, ESL must make a $120 million deposit by Wednesday afternoon, which will allow its bid to be compared against liquidator offers when the Sears auction takes place on Jan. 14.


Featured Image from Shutterstock



Source link