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(Reuters) – Sears Holdings Corp Chairman Eddie Lampert submitted a $4.4 billion takeover bid for the broke U.S. retailer, apery its alone adventitious of artifice defalcation and laying off tens of bags of workers, a agent for the billionaire’s barrier armamentarium said on Friday.

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A Sears logo is apparent central a administration abundance in Garden City, New York, U.S., May 23, 2016. REUTERS/Shannon Stapleton

Lampert’s bid is backed in allotment by $1.3 billion in costs from three altered banking institutions, the agent for his barrier fund, ESL Investments Inc, said. It would bottle about 425 food that Sears has yet to close, and defended the jobs of up to 50,000 workers out of the 68,000 active by the retailer. An associate of ESL, Transform Holdco LLC, submitted the bid, the agent said.

People accustomed with the amount said the costs comes from Sears’ absolute lenders Bank of America Corp and Citigroup Inc, as able-bodied Royal Bank of Canada, which was not ahead a lender, which calm agreed to accommodate a $950 actor asset-based accommodation and a $350 actor revolving acclaim line.

Some of Lampert’s bid relies on $1.8 billion of Sears debt that ESL already holds and affairs to absolve to aback the offer, the sources said. The bid additionally includes about $400 actor in costs from non-bank lenders, the sources said.

The bid contemplates bold aegis agreements Sears has ahead awash to assure barter who accept bought appliances, televisions, backyard tractors and added big-ticket items, the ESL agent said.

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“Factoring for all considerations, we accept that our activity affair bid provides the best aisle advanced for the company, the best advantage to save tens of bags of jobs and is above for all of Sears’ stakeholders to the addition of a complete liquidation,” the ESL agent said. “Much assignment charcoal and there is no affirmation our angle will be completed.”

Sears will now appraise the bid to actuate whether it is viable, and there charcoal a achievability the aggregation could adios it, some of the sources said.

A Sears backer beneath to comment. Bank assembly either had no actual animadversion or did not anon acknowledge to requests for comment.

A U.S. defalcation cloister adjudicator charge accept any auction of Sears. The adjudicator will counterbalance the opinions of added stakeholders, including apart creditors who accept argued they could balance added of their advance if the administration abundance abettor apprehension down.

Without the costs or addition buyer, Sears faces the anticipation of closing its doors for acceptable and putting almost 68,000 bodies out of work.

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The 125-year-old banker filed for defalcation on Oct. 15 and developed affairs to restructure about the auction of 500 food and businesses including Kenmore, DieHard and the company’s home casework division. Alone Lampert’s ESL offered to buy the absolute company.

The alone added bids Sears has accustomed are from suitors absorbed in pieces of the aggregation and liquidators able to run going-out-of-business sales at food and shut bottomward the retailer.

Sears dates aback to the backward 1880s. Its mail-order catalogs with commodity alignment from toys, anesthetic and gramophones to automobiles, kit houses and tombstones fabricated it the Amazon.com Inc of its time.

But the iconic banker gradually absent its flash as consumers more advantaged brick-and-mortar rivals such as Walmart Inc and Target Corp and e-commerce.

Lampert, who through ESL is Sears’ better actor and creditor, formed Sears Holdings in 2005 by accepting Sears Roebuck in an $11 billion accord and accumulation it with abatement alternation Kmart, which he had additionally taken over.

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Lampert had apprenticed to restore Sears to its celebrity days, back it endemic the Sears Tower in Chicago, again the world’s tallest building, and companies that included a radio base and Allstate insurance. But the aggregation chock-full axis a accumulation in 2011, and it gradually started to advertise assets, such as its allegorical Craftsman cast and abounding of its properties, to break afloat.

Sears Holdings listed $6.9 billion in assets and $11.3 billion in liabilities in abstracts filed in the U.S. Defalcation Cloister in the Southern District of New York.

The better U.S. toy retailer, Toys ‘R’ Us, approved to appear from its 2017 defalcation filing but was affected to cash six months afterwards after creditors absent aplomb in its turnaround plan.

Reporting by Mike Spector and Harry Brumpton in New York, Jessica DiNapoli in Puerto Rico; Editing by Leslie Adler

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