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Big deadline for Sears on Friday



The bankruptcy firm has set Friday as a deadline for potential buyers to bid for Sears assets. It wants someone to buy about 500 of its stores and the Kenmore appliance brand to keep Sears and Kmart open for business.

Sears informed the bankruptcy court that it was interested in several parties. However, the only public bidder for these assets is the hedge fund, which is controlled by Sears chairman Eddie Lampert, the company's largest creditor, who served as CEO until his bankruptcy.

He offers $ 4.6 billion for these resources. Lampert says his plan would make 50,000 Sears employees retain their jobs. The company had 68,000 employees at the time of the bankruptcy filing. Lampert does not offer much new money. Instead, he wants to forgive about $ 1
.8 billion of the debt he holds from Sears.
Lampert has until Friday to make the bid official. If this is not the case – and if there are no other bidders, Sears will make a critical decision. It could extend the deadline – or it could opt for defeat and start a plan to close down all its business and liquidate its assets. A liquidation would probably take months.

Sears and Lampert did not immediately respond to requests for comments.

Some Sears creditors, including landlords and sellers, believe that shutting down the company is the best way to retrieve them. Most of the money Sears owes them. They doubt the legitimacy of Lampert's attempt to keep it open.

At a bankruptcy court hearing last week, Sears' lawyers said they were considering bidders for their assets, which would close the company.

Sears had limited success in selling his assets. Last week, US bankruptcy judge Robert Drain granted the first $ 60 million sale of Sears home improvement to Service.com.

The company also has a lot to do with selling its holiday season, which claims Sears is not doing as well as he had hoped.

In late November, Sears offered grim predictions for the Christmas business, expecting to blow cash most weeks. It hoped, however, for a strong week that extended to $ 50 million for Christmas throughout the Christmas season. The company has not yet announced its holiday performance.

If it misses its targets, its chances of survival are greatly reduced.


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