Eddie Lampert Gets Another Chance to Save Sears With New Purchase Bid
- Chairman must come up with $120 million to join auction
- Company was prepared to ask judge for approval to liquidate
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Eddie Lampert will get another shot at rescuing Sears Holdings Corp. from liquidation.
The Sears chairman and former chief executive officer must put up $120 million by Wednesday to get a chance to take part in an auction against other bidders, Ray Schrock, Sears’s lead attorney, said at a court hearing Tuesday. Of that amount, $17.9 million is non-refundable, he said. As many as 50,000 jobs are at stake.