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Sears gets another reprieve from liquidation

AP  |  New York 

is getting another from liquidation after its and largest shareholder revised his bid to save the iconic brand.

The Hoffman Estates, Illinois-based retailer says it has accepted Eddie Lampert's bid through an affiliate of his ESL hedge fund that could keep 425 stores open and save tens of thousands of workers, according to a hearing on Tuesday at the bankruptcy court in White Plains, NY.

The bid now requires Lampert to deposit USD 120 million by 4 pm Wednesday through his hedge fund.

The revised bid is not official, and will be evaluated in an auction set for January 14 that will compete with other bids from liquidators looking to shut it down.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, January 09 2019. 01:25 IST