Sear's liquidation is waiting when Lampert's buyout bid fails: report
Sears Holding Corp.
SHLDQ, -18.26%
lay the groundwork for discontinuing all the stores after a rescuing order from President Eddie Lampert became short, Bloomberg News reported this weekend. Bloomberg reported Saturday that the bid to buy hundreds of the company's best-selling stores does not meet bank qualifications. Bloomberg said Lampert could make a final unclear bid before a bankruptcy meeting on Tuesday. The retailer chain was filed for bankruptcy protection in Chapter 11 in October, and announced in late December that 80 stores were due to close in March.
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