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  • Current:Home > Exhibition > 2019

    Sears preparing for liquidation

    Time:2019-01-08 10:19:31    Share:

     Sears Holdings is prepping for liquidation after Chairman Edward Lampert’s $4.4 billion going-concern bid was rejected by bankers, according to national news reports.

    Bloomberg reported the bankrupt parent company of Sears and Kmart stores summoned liquidators and others to “emergency meetings” Friday after rejecting the offer. The report, citing unidentified sources, said liquidation sales could begin as early as mid-month.

    Lampert’s bid was one of three Lampert and his ESL Investments hedge fund submitted since the long-struggling retailer filed for Chapter 11 bankruptcy protection Oct. 15, while continuing a process of closing its worst performing stores.

    Lampert could still come through with a better offer before a status hearing Tuesday, Bloomberg reported.

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