The chairman and largest investor in Sears Holdings is offering to buy the retailer out of bankruptcy — including 500 of its remaining stores — in what may amount to the chain’s last hope to survive its precipitous decline.
Sears chairman and hedge fund investor Eddie Lampert, who was also CEO until the retailer’s October bankruptcy filing, disclosed the offer Thursday.
In recent years, Lampert’s hedge fund, ESL Investments, has loaned Sears more than $2.4 billion in financing. So he could lose a fortune if Sears is forced to liquidate or sticks creditors with steep losses.
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