Sears' fate is on the line in Monday's bankruptcy auction. Here's what you need to know. - Chicago Tribune Chicagotribune.com - Fri 11 Jan 20:18 GMT
In its 126-year history, Sears grew to become the country’s biggest retailer and outlasted Chicago competitors like Carson Pirie Scott, Montgomery Ward and Wieboldt’s. Its future now hinges on a bankruptcy auction scheduled to start Monday.
But some of Sears’ creditors are skeptical of ESL, and it’s not yet known how the hedge fund’s proposal stacks up against other offers for the company’s assets.
An attorney representing Sears creditors told the U.S. Bankruptcy Court at a hearing Tuesday in New York that it continues to have “significant concerns” about ESL’s bid.
Lampert’s ESL has said it wants to buy the remaining 425 stores in the bankruptcy auction, though it could change its bid or decide to close more stores after buying the company.
If Lampert’s push to keep the company alive fails, the fate of the stores will depend who ends up buying Sears’ assets.
A: If Lampert wins the bankruptcy auction and keeps Sears in business, his fund has said it expects to employ up to 50,000 people.