Iconic retailer Sears filed bankruptcy late last year and many stores across the country have closed their doors, including stores in Chicago. But don't count the giant out just yet because an executive has come to the rescue.
Sears Chairman Edward Scott Lampert, a billionaire businessman and investor should know what to do when it comes to saving a sinking ship. He has placed a bid on the retailer during a bankruptcy auction that will give Sears more time to get its financial dealings in order.
Scott essentially has bought more time to revise the bid, which for now will keep the retailer in business and keep up to 50,000 jobs in tact. But get this ... he also has to post a $120 million deposit by 4 p.m. Wednesday. Whoa. But it's worth it right, I mean we're talking about Sears here.