The daily business briefing: January 11, 2019

Sears Holdings Corp. Chairman Eddie Lampert confirmed Thursday that he had upped his bid to take over the struggling iconic retailer to more than $5 billion. Sears will review Lampert’s revised offer in a Jan. 14 bankruptcy auction. The company had rejected his previous bid of $4.4 billion, saying it wasn’t enough. Now the company will weigh whether Lampert’s new bid offers better value to investors than liquidation. Lampert’s hedge fund, ESL Investments, said in a statement that its offer would “provide substantially more value to stakeholders than any other option, in particular a liquidation,” and “the best path forward for Sears.” Lampert’s proposal seeks to preserve the jobs of 50,000 Sears workers. [Reuters]

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