Categories Retail

Sears liquidation looms closer than ever

Sears Holding Corp. (SHLDQ) is facing liquidation as early as tomorrow. The company’s last hope is hinged on a $4.6 billion bid by Chairman Eddie Lampert. According to a report by CNBC, Lampert has offered to buy Sears as a whole through ESL Investments, the hedge fund he manages, in order to save the retailer from bankruptcy.

However, Lampert has not yet submitted his proposal or made funding arrangements. The deadline for the bid is 4 pm ET, Friday and some insiders believe he might put forth his proposal at the last minute. If Lampert submits the proposal, Sears will have one week to consult with its advisors to determine his ability to participate in the auction, which will take place in mid-January.

If Lampert fails to meet the deadline, the liquidation process for Sears and Kmart will begin. The report states that Lampert and ESL are the only ones willing to buy Sears as a whole. Sears filed for bankruptcy in October and has announced a large number of store closures since then. It is likely the company will have to close more stores soon.

Fresh hope for Sears after chairman Eddie Lampert makes buyout offer

As per the report, Lampert’s $4.6 billion proposal consists of various tranches of financing but not much of his own money. Although the Sears chairman has been looking for a loan, investment banks do not appear very keen to put their money into a loss-making business. Some parties have criticized his efforts, terming it a gamble.

As of 12:20 pm ET, Sears’ stock was up 9.2%.


Follow our Google News edition to get the latest stock market, earnings and financial news at your fingertips.

Most Popular

Infographic: How Starbucks (SBUX) performed in Q1 2023

Starbucks Corporation (NASDAQ: SBUX) reported first quarter 2023 earnings results today. Consolidated net revenues increased 8% year-over-year to $8.7 billion, in line with projections.   Global comparable store sales increased

Earnings: Google parent Alphabet (GOOG, GOOGL) reports lower Q4 profit

Alphabet Inc. (NASDAQ: GOOGL, GOOG) on Thursday reported a 1% increase in fourth-quarter 2022 revenues, with strong contributions from the cloud business. The company, which owns the largest internet search

HOG Earnings: Key quarterly highlights from Harley-Davidson’s Q4 2022 financial results

Harley-Davidson, Inc. (NYSE: HOG) reported fourth quarter 2022 earnings results today. Revenue increased 12% year-over-year to $1.14 billion. Net income attributable to Harley-Davidson, Inc. rose 94% YoY to $42 million,


  1. Pingback: Beverly Bultron
Add Comment
Viewing Highlight