End of era? Sears poised to shutter as bid to save it fails
By Jade Scipioni Published January 08, 2019RetailFOXBusiness
https://www.foxbusiness.com/features/sears-could-be-finished-on-tuesday-unless-lampert-ups-his-bid
It could be officially the end of the road for Sears.
The iconic retailer is expected to announce its liquidation plans this morning to a New York bankruptcy judge after a bid from the company’s chairman to save it fell through.
The news of the liquidation was first reported by both CNBC and Reuters on Tuesday after sources told the outlets that former Sears CEO Eddie Lampert’s $4.4 billion takeover bid failed to woo Sears’ advisers.
Lampert’s hedge fund ESL Investments submitted its offer last Friday, hours before the deadline, but according to CNBC, the offer “was deemed insufficient by Sears.”
The struggling retailer, which filed for bankruptcy in October, has been trying for years to Opens a New Window. keep afloat, announcing various rounds of layoffs and stores closures amid crippling sales declines due to a consumer shift to online shopping.
However, according to Reuters, Lampert is expected to make one last ditch effort to save Sears and his bid in court on Tuesday. U.S. Bankruptcy Judge Robert Drain in the Southern District of New York, who is presiding over the case, could also decide to give Lampert more time to improve his bid as well, sources noted.
A bankruptcy auction for Sears’ assets is not due until Jan. 14.
Neither Sears nor ESL Investments immediately responded to FOX Business’ request for comment on the reports.
By Jade Scipioni Published January 08, 2019RetailFOXBusiness
https://www.foxbusiness.com/features/sears-could-be-finished-on-tuesday-unless-lampert-ups-his-bid
It could be officially the end of the road for Sears.
The iconic retailer is expected to announce its liquidation plans this morning to a New York bankruptcy judge after a bid from the company’s chairman to save it fell through.
The news of the liquidation was first reported by both CNBC and Reuters on Tuesday after sources told the outlets that former Sears CEO Eddie Lampert’s $4.4 billion takeover bid failed to woo Sears’ advisers.
Lampert’s hedge fund ESL Investments submitted its offer last Friday, hours before the deadline, but according to CNBC, the offer “was deemed insufficient by Sears.”
The struggling retailer, which filed for bankruptcy in October, has been trying for years to Opens a New Window. keep afloat, announcing various rounds of layoffs and stores closures amid crippling sales declines due to a consumer shift to online shopping.
However, according to Reuters, Lampert is expected to make one last ditch effort to save Sears and his bid in court on Tuesday. U.S. Bankruptcy Judge Robert Drain in the Southern District of New York, who is presiding over the case, could also decide to give Lampert more time to improve his bid as well, sources noted.
A bankruptcy auction for Sears’ assets is not due until Jan. 14.
Neither Sears nor ESL Investments immediately responded to FOX Business’ request for comment on the reports.