Sears Chairman Submits $5 Billion Bid For Company

Reuters reports that Sears Holdings Chairman Eddie Lampert submitted a revised takeover bid.Lampert's bid for the company is more than $5 billion.This new bid significantly increases the likelihood the U.S. department store will be able to stay in business.Sears set a Wednesday deadline for Lampert to submit a new offer for the retailer and a $120 million deposit.Lampert made the new offer after his earlier $4.4 billion bid fell short.