Sears Holdings Corp. SHLDQ, +6.45% Chairman Eddie Lampert prevailed in a bankruptcy auction for the struggling department store chain with an improved takeover bid of roughly $5.2 billion, Reuters reported early Wednesday, citing people familiar with the dealings.
The move, if confirmed, would allow the 126-year-old retailer to keep its roughly 425 stores across the U.S. open.
Lampert’s bid, boosted from an earlier $5 billion, won out after a weeks-long process and a days-long auction held behind closed doors.
The billionaire’s latest proposal, made through his hedge fund ESL Investments, includes more cash and assumes more liabilities, the sources said, according to Reuters.