Sears plans to shutter after 126 years in business as Chairman Eddie Lampert's bid fails - KVOA Tucson News
Kvoa.com - Wed 9 Jan 03:07 GMT

Sears plans to shutter after 126 years in business as Chairman Eddie Lampert's bid fails - KVOA Tucson News

Sears Holdings has rejected Chairman Eddie Lampert’s bid to save the 126-year-old company, setting the storied retailer with more than 50,000 employees on a path to liquidation, people familiar with the situation told CNBC on Tuesday.

  Sears Holdings has rejected Chairman Eddie Lampert’s bid to save the 126-year-old company, setting the storied retailer with more than 50,000 employees on a path to liquidation, people familiar with the situation told CNBC on Tuesday.

  Sears, which also owns Kmart, planned to announce its liquidation plans Tuesday morning, the people said.

  Lampert had put forward a $4.4 billion bid to save Sears by buying it out of bankruptcy through his hedge fund ESL Investments.

  Still, ESL plans to protest Sears’ decision, a person familiar with the situation told CNBC.

  It will be what many deem the ultimate proof of failure in Lampert’s grand plan to fortify two struggling retailers, Sears and Kmart, by combining them in 2005.