Sears Holdings Chairman Eddie Lampert has secured additional time to modify his $4.4 billion bid to keep the business alive, according to RetailDive.com.
Members of Sears Holdings’ special committee agreed to let Lampert’s hedge fund, ESL Investments, revise the bid before the Jan. 14 bankruptcy auction. An additional court hearing to confirm the results of the auction is rescheduled for Jan. 31.
ESL is expected to formally submit its bid, as well as a $120 million deposit, by 4 p.m. Jan. 10.
$17.9 million of the funds are non-refundable. Next week, Sears will consider ESL’s bid along with other options to liquidate the business.
Negotiations may extend to the court date at the end of the month.