Sears sees new life: Lampert wins the bid for 5.2 billion dollars
The chairman increased his offer by approximately 150 million dollars. His adjudication still has to be submitted to Bankruptcy Court next January 31.
Sears sees an open door. Edward S. Lampert, chairman and former CEO of the department store giant, has won the bid for the company’s assets with a 5.2 billion dollar offer, 150 million dollars more than his last proposal, according to Reuters.
The adjudication of the firm’s assets, which would permit to keep the majority of the 425 Sears and Kmart stores open, needs to receive the approval of the Bankruptcy Court on January 31st. The decision was taken after two days of intensive negotiations in New York, and puts an end to nearly four months of escalating offers by Lampert.
Lampert had been placingbids for the group since last year, and finally raised his offer by around 150 million dollars
Sears is one of the historical groups of the US retail. The company has its origins in 1886, when Richard Sears started selling watches by mail. Over the years, the group evolved, with the catalogue as its spearhead, and it was not until the 20th century that it began an intense development with stores.
The group continued being the largest retailer in the United States until Walmart snatched its position in the early nineties. In October of 2018, Sears entered into the US equivalent of an agreement with creditors, with a debt of 134 million dollars.
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