On top of buying 57 more real estate properties, there’s an additional $139M to cover administrative expenses in the bankruptcy.
Lampert needs to make an additional $120 million deposit to keep his $4.4 billion bid alive and secure a place at the auction.
The approval paves the way for the retailer to exit bankruptcy court proceedings later this month.
The plus-size apparel firm plans to file by around Feb. 4.
He plans a separate bid for certain assets if the ESL offer fails to get “qualifying bid” status.
Deal focus is expected to be less on technology and more on diversification.
Speculation is that those filing will be doing so for the first time, as well as many who will be doing their second tour in bankruptcy court.
The going-concern offer includes 425 stores, and $1.3 billion in financing from three financial institutions.
The company missed the deadline to find a new buyer while announcing the closure of 80 more stores.
The closures were first revealed when Sears filed for bankruptcy in October.
The company will explore more mall-based locations in 2019.