Sears extends Lampert negotiations: sources

HOFFMAN ESTATES, Ill. — Sears stakeholders spent a late night attempting to find an agreement on Eddie Lampert’s revised bid to keep the retailer afloat, sources told Bloomberg. Despite a lack of enthusiasm for the offer, it provides an alternative to bids for liquidation.

Whether Lampert would be safe from lawsuits over his previous bids was a major point of contention according to the sources. The discussions followed a bankruptcy auction held for company assets on Monday morning. Lampert’s critics, including lower ranking creditors, allege his approach has been aimed at squeezing more profit out of Sears for his hedge fund than extending the retailer’s life.