Report has Sears inching closer to liquidation
Time may be finally running out for embattled Sears Holding Corp.
As of Monday late afternoon, the retailer and its chairman, Eddie Lampert, have been unable to come to an agreement on Lampert’s $4.4 billion bid, through his hedge fund ESL Investments, to save Sears from liquidation by buying it out of bankruptcy, CNBC reported. The bid included keeping some 425 stores open and offering jobs to 50,000 of the company’s remaining employees.
A hearing is scheduled for Tuesday in bankruptcy court. If Sears doesn't accept Lampert's bid as a valid offer, it likely will ask the court for permission to start shutting down the business.
ESL's advisors worked over the weekend and into Monday, the CNBC report said, but so far, Lampert's bid has been deemed insufficient.
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As of Monday late afternoon, the retailer and its chairman, Eddie Lampert, have been unable to come to an agreement on Lampert’s $4.4 billion bid, through his hedge fund ESL Investments, to save Sears from liquidation by buying it out of bankruptcy, CNBC reported. The bid included keeping some 425 stores open and offering jobs to 50,000 of the company’s remaining employees.
A hearing is scheduled for Tuesday in bankruptcy court. If Sears doesn't accept Lampert's bid as a valid offer, it likely will ask the court for permission to start shutting down the business.
ESL's advisors worked over the weekend and into Monday, the CNBC report said, but so far, Lampert's bid has been deemed insufficient.
Click here to read more.