The company that became the nation’s largest retailer as Sears, Roebuck & Co. was poised this morning to end its century-old presence as a fixture in small towns and suburban malls, according to reports. But instead of asking a federal bankruptcy judge to allow it to move forward with plans to liquidate in a hearing that just wrapped up, the company has agreed to consider another last-gasp offer from Chairman Eddie Lampert to purchase the company and attempt to keep 425 stores open.
The company and Lampert still have a ton of hurdles to clear. If Lampert comes up with a $125 million deposit by tomorrow afternoon, the Monday, January 14th auction for the company will go ahead, at which point, Lampert’s $4.4 billion+ bid will be considered against those of firms seeking to purchase and liquidate the 126-year-old company.
If Lampert’s deal wins the day on Monday it would, temporarily at least, save 50,000+ jobs.
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