ESL acknowledged on Thursday in a statement emailed to Retail Dive that its more than $5.2 billion bid to keep open more than 400 stores and hold on to roughly 45,000 jobs has been accepted by Sears. But, if the arguments raised by the creditors are found to have merit, that could throw a wrench in that plan, as a bankruptcy judge must still review the bid.
Even without these new challenges, it was always clear that recoveries for unsecured creditors would be limited, Josh Friedman, global head of Restructuring Data at Debtwire, told Retail Dive in an interview Friday.
