End of era? Sears poised to shutter as bid to save it fails - Fox Business
Foxbusiness.com - Tue 8 Jan 18:15 GMT

End of era? Sears poised to shutter as bid to save it fails - Fox Business

Time has officially run out for the 126-year-old retailer.

  Retail expert Burt Flickinger discusses how Sears Chairman Eddie Lampert is trying to buy the company out of bankruptcy.

  The iconic retailer is expected to announce its liquidation plans this morning to a New York bankruptcy judge after a bid from the company’s chairman to save it fell through.

  The news of the liquidation was first reported by both CNBC and Reuters on Tuesday after sources told the outlets that former Sears CEO Eddie Lampert’s $4.4 billion takeover bid failed to woo Sears’ HERE TO GET THE FOX BUSINESS APP Lampert’s hedge fund ESL Investments submitted its offer last Friday, hours before the deadline, but according to CNBC, the offer “was deemed insufficient by Sears.”

  However, according to Reuters, Lampert is expected to make one last ditch effort to save Sears and his bid in court on Tuesday.

  U.S. Bankruptcy Judge Robert Drain in the Southern District of New York, who is presiding over the case, could also decide to give Lampert more time to improve his bid as well, sources noted.