Sears new bid
Sears will assess a new $5 billion bid from Chairman Eddie Lampert against liquidators on Jan. 14 at a bankruptcy auction. A worker holds a sign announcing a store-closing sale outside the 60-year-old Sears store in the Galewood neighborhood on July 7, 2017 in Chicago, Illinois. Getty Images/Scott Olson

A revised $5 billion bid to save Sears (SHLDQ) has been made by Sears Holdings Corp. Chairman Eddie Lampert.

The new offer will be reviewed by Sears during a Jan. 14 bankruptcy auction, Reuters reported. The bid will be accessed against liquidation offers to determine where the most value for the company stands.

Lampert’s initial $4.4 billion bid was shy of what Sears advisors expected, giving the chairman one more chance to come back with a more substantial offer.

The new bid will include more than $600 million in liabilities that include taxes, vendor bills, and other costs the company has incurred since filing for bankruptcy in October, according to regulatory filings. The company also has $1.1 billion in liabilities.

Lambert has asked as part of his new bid to be let go of any lawsuits over past dealings with the company and is asking for a credit bid to forgive $1.3 billion in Sears debt. The offer also includes $35 million in cash, the regulatory filing indicated.

Sears has about 50,000 employees, which could lose their job if the company goes into liquidation. The company has over 400 store locations.

As of this afternoon, Sears stock was up over 28 percent.