Eddie Lampert bids $4.6 billion to keep Sears alive — or to ‘drain more blood’ from it

Eddie Lampert has offered to buy Sears Holdings Corp. out of bankruptcy in a bid to salvage the failing retail empire he has controlled for more than a decade.

The chairman of Sears, whose ESL Investments ranks as the biggest shareholder and creditor, outlined a $4.6-billion preliminary bid in…