COLORADO SPRINGS – Sears is getting another reprieve from liquidation after its chairman and largest shareholder revised his bid to save the iconic brand.
Sears closed down three of its stores here in southern Colorado.
The company says it will be closing 80 more Kmart and Sears stores by the end of March. Two of their stores are located here in Colorado Springs and one is in Pueblo.
The Hoffman Estates, Illinois-based retailer says it has accepted Eddie Lampert’s bid through an affiliate of his ESL hedge fund that could keep 425 stores open and save tens of thousands of workers, according to a hearing on Tuesday at the bankruptcy court in White Plains, N.Y.
The bid now requires Lampert to deposit $120 million by 4 p.m. Wednesday through his hedge fund.
The revised bid is not official, and will be evaluated in an auction set for January 14 that will compete with other bids from liquidators looking to shut it down.