Sears Chairman Eddie Lampert isn't letting the company's 125-year retail legacy go without a fight. According to multiple news reports, Lampert tacked on to his original bid to buy the company through his hedge fund ESL Investments after his original $4.4 billion offer was rejected by the company.
CNBC reports that Lampert is now offering roughly $5 billion in his ongoing effort to save Sears from liquidation, and has already ponied up $120 million of it as a required deposit to take part in an auction scheduled for Jan. 14.
As it stands, Lampert's offer is the only bid so far that would save the retail giant from liquidation, according to CNBC. Sears' advisors have said they will evaluate the bid on its merits before deciding whether ESL will be permitted to participate in the auction.
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