Sears' Chairman Eddie Lampert submitted a $5.2bn takeover bid for the bankrupt US retailer. The bid was submitted by Transform Holdco, a subsidiary of Eddie Lampert's hedge fund ESL Investments. “Factoring for all considerations, we believe that our going concern bid provides the best path forward for the company, the best option to save tens of thousands of jobs and is superior for all of Sears’ stakeholders to the alternative of a complete liquidation. Much work remains and there is no assurance our proposal will be completed.” ESL spokesperson.