Parent company of Sears, Kmart prepares for possible liquidation

New York City. If the bankrupt retail chain does not accept the only bid to save it it could be forced to start the process of shutting down as soon

Per the report, ESL must make a $120 million deposit by Wednesday afternoon, which will allow its bid to be compared against liquidator offers when the Sears auction takes place on January 14. The bid would have kept 425 stores open and offered jobs to 50,000 of its remaining employees. According to lawyers close to the matter, one of the main sticking points was that the $4.4 billion bid, which included $1.3 billion in financing from three financial institutions, didn't include cash.

After two long delays at a morning hearing in bankruptcy court, attorneys for Sears announced it had accepted a revised bid from a hedge fund controlled by Eddie Lampert, the chairman and former CEO of Sears.

"U.S. Bankruptcy Judge Robert Drain in the Southern District of NY, who is presiding over the case, could decide to give Lampert more time to improve on his bid, the sources said", Reuters notes.

But the deadline passed without any word from Sears on the status of the bid.

While Lampert and ESL sought to keep Sears afloat, creditors had been keen on the firm's liquidation so that they could recoup at least some of what they are owed.

Game Set and Match Podcast - ASB Classic report card
But the final proved a step too far, even after a stunning first set, as Goerges rallied to kick off 2019 with a 2-6 7-5 6-1 win. After holding serve in the first game, she set the tone for the first set by immediately breaking Goerges for a 2-0 lead.

Lampert, though, protested the decision, highlighting the extensive costs of Sears' bankruptcy advisors, a person familiar with the situation told CNBC. Under changes in the bid reached in negotiations, he will have until Wednesday afternoon to make a $120 million cash payment.

One of the most storied companies in American history may have just days left to live, as Sears Holdings Corp has rejected Chairman Eddie Lampert's takeover bid and intends to proceed with liquidation proceedings.

"We would rather look for easier things to do", he said. Reports swirled that Sears had decided it was not a viable option to stay in business and that it would ask the court Tuesday for permission to start shutting down. Without an agreement, Sears faced the possibility of liquidation.

In November, the creditors committee raised questions about financial dealings between Lampert, ESL and Sears, saying those transactions "may be part of an extended pattern of conduct that served to benefit certain (insider) equity holders", according to court filings.

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