And here we go again, Sears is a running joke!
Sears Holdings Corp. Chairman Eddie Lampert submitted a revised takeover bid of more than $5 billion for the company on Thursday, a regulatory filing showed, providing hope the 126-year-old U.S. department-store chain could avoid liquidation.
Lampert has agreed to assume tax and vendor bills Sears has incurred since filing for bankruptcy protection in October last year that amounts to over $600 million, the filing from an affiliate of the billionaire's hedge fund ESL Investments Inc. showed.
The revised offer was submitted along with a $120 million cash deposit with an escrow agent selected by Sears (SHLDQ.PK).
Lampert proposes assuming roughly $166 million in payment obligations to vendors and $43 million in additional severance costs. The hedge fund will also assume $135 million in tax bills for properties that Lampert hopes to acquire as part of his bid.