Eddie Lampert wants to buy Sears in another major effort to revive the decades declining department store.
Lampert, Sears Chairman, runs ESL Investments Inc., a hedge fund that is planning to partner with Cyrus Capital Partners to make a bid. The pair may offer a credit bid, where the two groups would swap debt that they hold for ownership of the stores, people close to the matter told Bloomberg.
Sears Holdings filed for bankruptcy last month, after not seeing a profitable year since 2010. The company owes billions of dollars in debt, which CEO Eddie Lampert has pulled out nearly all the stops to pay.
A recent court document opened bidding on the 505 Sears and Kmart stores the company hopes a new owner will continue to operate. Springfield, the only Dayton-area store that hasn’t already been slated to close, is on the list.
But the credit bid wouldn’t be guaranteed, requiring approval from the bankruptcy court. There may also be competing bids.
The Dayton Mall store closed earlier this week. The Beavercreek store is expected to close next month and the store at the Miami Valley Centre Mall will shutter in February.
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