Lampert's hedge fund says bid submitted to save Sears

Lampert’s hedge fund says bid submitted to save Sears

The bid is also a reckoning for Lampert, who saw much of his fortune evaporate when Sears filed for Chapter 11 on October 15 after years of sliding sales and asset spinoffs.

Sears declined to comment.

This story will be updated.

As the deadline looms for Lampert to submit his offer, Sears advisors only have until January 4, to make the decision on whether he is a "qualified bidder".

A manager at Wichita's Sears Outlet store said Friday there are no plans to close it, emphasizing that Sears Outlet "is a separate company and. we're profitable as a company".

In this November 2018 photo, a sign in the window at Sears promises that 'This isn't goodbye, ' at the Livingston Mall in New Jersey.

It's unclear how many are employed by Sears in the Tri-Cities.

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Wichita's last Sears department store will soon be closed. But the only public bidder for those assets is the hedge fund controlled by Sears Chairman Eddie Lampert, who is the company's largest creditor and served as CEO until its bankruptcy.

The company says these closures are in addition to the shutdown of 40 unprofitable stores expected to be completed in February.

"Our bid reflects our firm belief that there is a future for Sears as a smaller, less indebted retailer", he said. The closings comprise 43 Sears and 37 Kmart stores, the two brands operated by Sears Holdings.

Friday's announcement is on top of the previously planned closures, which included the Sears stores in Bloomington and on Rice Street in St. Paul.

Sears will now evaluate the bid to determine whether it is viable, and there remains a possibility the company could reject it, some of the sources said.

If liquidators prevail, they'll begin the swift process of selling everything inside the remaining 600 or so stores, and Sears could cease to exist as soon as March or April.

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