A reply that is too good to not stand on its own. I hope @Whx3CAD-giq does not mind.
Eddie wants his companies to acquire the stores so he can liquidate it on his own terms instead of having the creditors liquidate on theirs. He's basically been liquidating the company since he got it, shutting down stores, selling brands, and selling/leasing out the real estate after moving them over to his companies at ESL/Seritage. The interest on Sears' debt and the rent paid by the stores goes to his companies too. The share buybacks, the dividend payouts, spinoffs, and all the rest have always benefited him as largest shareholder. It's not by accident that he's chosen to pay his companies and himself every time instead of investing it in the business and employees so it can compete with Target, Walmart, and Amazon. He's been liquidating Sears for 13 years now, and this is just the final act.