NEW YORK — Eddie Lampert is asking for more time to round up financing for his bid to keep Sears Holdings Corp. alive, according to people with knowledge of the matter.
Lampert, chairman of the bankrupt chain, is counting on getting some financing from lenders including Bank of America Corp. and is still seeking additional funds, said the people, who asked not to be identified because the process isn’t public.
Bids were due Friday at 4 p.m. New York time under procedures outlined in court filings, and Lampert has been the only potential buyer aiming to keep the business running. Sears has also been soliciting liquidation bids that would mean shutting hundreds of Sears and Kmart stores, and throwing more than 50,000 people out of work. The rules give Sears flexibility to extend the deadline or make other changes that might promote more bids.
Also, Sears is closing 80 more stores. The 80 stores are due to close by March. That’s in addition to 182 stores already slated for closure, including 142 by the end of 2018 and 40 by February. The company filed for Chapter 11 bankruptcy protection in October, saying at the time it would close more than 20 percent of all stores, keeping open only its 500 most profitable locations.