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Wednesday, June 26 Business

WSJ: Lampert ups Sears offer to $5B ahead of auction

Edward Lampert reportedly has tacked $600 million to what is now a $5 billion offer to acquire assets of Sears Holdings, which filed for bankruptcy under his leadership and which owed some $2.5 billion to Lampert’s ESL Investments in Miami as of last fall.

The Wall Street Journal reported the increased offer on Thursday, with a judge having scheduled an auction next week for proposals for Sears to eliminate debt under its Chapter 11 bankruptcy proceeding.

Lampert wants to keep 425 stores open, with Sears locations including at Danbury Fair mall and the company also owning Kmart.

Alex.Soule@scni.com; 203-842-2545; @casoulman

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