A 125-year-old retail company may only have one more day to live. Sears has been trying to hold on after they filed for bankruptcy earlier this year. A last-ditch effort at survival may come in the way of a $4.6 billion offer by Chairman Eddie Lampert to buy the struggling company out of bankruptcy through his ESL Investments hedge fund.
Lampert’s offer calls for about 500 Sears stores to remain open and would keep 50,000 of the retailer’s workers employed. If a deal can't be struck, liquidators will break the company up into pieces and end the 125-year-old company.
As of yesterday afternoon, Lampert had not submitted his bid ahead of today's deadline. If Lampert submits a bid, Sears’ advisers would have until January 4, 2019, to decide whether he is a “qualified bidder.”
Source: CNBC