Sears liquidation looms as Lampert's buyout bid fails: report
Sears Holding Corp. is laying the groundwork to liquidate all of its stores after a rescue bid by Chairman Eddie Lampert fell short, Bloomberg News reported over the weekend. Bloomberg reported Saturday that Lampert's bid to buy hundreds of the company's best-performing stores did not meet bankers' qualifications. Bloomberg said Lampert could make a last-ditch bid before a bankruptcy status meeting Tuesday. The retail chain filed for chapter 11 bankruptcy protection in October, and announced in late December that 80 stores would close by March.
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