For a while, it looked like Eddie Lampert would finally be free of Sears. To be sure, he didn’t want to be. Forever coming up with new and personally remunerative ways to keep the terminally ill retailer open, opposed to the bankruptcy filing which pried his name of the CEO’s door, Lampert continued to drone on about what a bright future the company he’d driven into the ground over the last 13 years had, ignoring the vultures circling above Sears’ already-putrefying remains.
Still, the future wasn’t so bright that Lampert was ready to throw another $300 million to keep Sears alive. But at the last minute, someone else did. That gave Sears’ bankruptcy advisers time to consider their options, chief among them putting Sears out of its misery at long last.
But no! Lampert may not have been in for $300 million in debtor-in-possession financing, he’s all-in for $4.6 billion, including forgiving the $1.8 billion Sears owes his hedge fund, and $2 billion in new debt.
Lampert’s offer calls for about 500 Sears stores to remain open and would keep 50,000 of the retailer’s workers employed, according to a letter from his hedge fund filed with the Securities and Exchange Commission on Thursday….
ESL also proposes to acquire Sears Auto Centers, appliance brand Kenmore, battery line DieHard and the retailer’s home services division, the largest U.S. appliance repair provider, the letter said.