Sears Chairman Eddie Lampert has submitted a revised bid of roughly $5 billion in a last-ditch attempt to save the retailer from liquidation, according to a person familiar with the matter.
This latest attempt comes one day after Lampert's initial $4.4 billion bid to save Sears was rejected by the company. It faced a number of challenges, including being short of covering Sears' administrative expenses, making it "administratively insolvent."
As part of the new bid, Lampert will assume tax and vendor bills incurred since Sears' October bankruptcy, the person said. As with its previous bid, it will aim to keep roughly 50,000 jobs.