Sears chairman wants to buy Sears.
Eddie Lampert's ESL Investments has bid $4.6 billion to buy the bankrupt American retailer.
In his filing with the SEC, Lampert plans to retain 50,000 of Sears' employees and keep 500 stores open.
ESL also proposes to buy the Kenmore appliance brand, DieHard battery line, Sears Auto Centers, and the home service's division that repairs appliances.
The news drove Sears shares up nearly 4 percent on a day when stocks got slammed.
SOUNDBITE: LUKEN INVESTMENT ANALYTICS FOUNDER, GREGORY LUKEN (ENGLISH) SAYING: "In order to save it, he's going to have to have a good game plan that is a different game plan from one that is just keeping the company on life support." ESL has been working on a bid since the iconic 125-year-old retailer filed for bankruptcy in October.
For Sears, Lampert's bid is one of the only options that would prevent the department store chain from shutting its doors for good.
In recent years, many retailers like Toys R Us that have filed for bankruptcy wound up being liquidated after receiving no viable offers.