The once-iconic retailer is reportedly in talks with a firm to handle the potential liquidation process.
Bankrupt retailer Sears is facing the reality that it may have to liquidate if a deal with former CEO Eddie Lampert falls through.
If liquidation is the outcome, Sears’ business will close down – meaning it will cease to exist – and its assets will be sold to repay creditors as much as possible.
Sears filed for bankruptcy in October and has since shuttered hundreds of stores as it attempts to restructure and return to profitability.
Last month, Sears announced plans to shutter an additional 80 store locations in March.
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At its peak, Sears operated nearly 4,000 stores.