Sears gets $5 billion offer from former CEO's hedge fund

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Hedge fund manager Eddie Lampert has increased his bid for Sears Holding Corp. Through ESL Investments, Lampert met a 4 p.m. deadline on Jan. 9, reportedly making a $5 billion bid. Sears, a 126-year-old retailer, filed for bankruptcy protection on Oct. 15. If it were to liquidate, hundreds of stores would close, and thousands of people would be out of work. Earlier this week, Sears executives were going to ask bankruptcy judge Robert Drain if the Hoffman Estates, Illinois-based company could proceed...

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