Drain said that Sears will weigh Lampert's offer against a proposed liquidation during a Jan. 14 bankruptcy auction. Should Lampert's offer falter again, he will forfeit more than $17 million from his deposit to Sears creditors. He called the expectation of a revised bid from Lampert a "good development" that could allow Sears to "survive as a going concern, at least in part." Sears' agreement to reconsider Lampert's offer tables for now controversies that pushed the retailer to the brink. Previous negotiationsAnother point of contention in previous negotiations between Lampert and Sears centred on whether Lampert's bid fully addressed the bankruptcy costs that Sears has racked up, according to people familiar with the matter.

Source: CBC News January 08, 2019 14:26 UTC