HOFFMAN ESTATES, IL —Sears was expected to request approval to liquidate its assets and shutter hundreds of remaining stores Tuesday, but last-minute negotiations have given ex-CEO and current Chairman Eddie Lampert more time to improve his bid to save the chain, according to the Chicago Tribune. Three months after filing for bankruptcy, the Illinois-based 126-year-old retailer was expected to announce its plans to liquidate on Tuesday morning, but it’s managed another last-minute reprieve.
In October, Sears announced it had filed for chapter 11 protection and would close 142 more stores, including several Illinois locations. At the time, the retailer employed more than 68,000 people.
On Tuesday, Reuters reported it appeared likely that the bankruptcy judge presiding would give Lampert more time to improve his last-ditch offer. An initial court hearing on liquidation scheduled for Tuesday morning was delayed, which Reuters said indicated that the two parties were still negotiating.
Lampert now has one more day to try to save the company, and must put up a $120 million deposit by Wednesday in order to participate in a Jan. 14 auction for the retailer, according to Crain’s.
In December, a day before Lampert made a $4.4 billion bid through his hedge fund, ESL Investments, Sears announced it would close another 80 locations by March, including two Illinois stores. The company’s last Chicago store closed over the summer, and the Joliet store’s is also closing.
Lampert’s current bid includes 425 stores and would reportedly “offer employment to up to 50,000 associates.”
The Sears website still lists these Sears locations in 33 Illinois towns, although some — such as the Fairview Heights location — may be affected by planned March closures.
Sears is the parent company for Kmart, which has also been hard hit by closings in recent years and has its remaining Illinois stores in Bridgeview, Des Plaines, Moline, Norridge, Quincy and Steger.
It remains to be seen if an improved bid from Lampert can still save Sears, once a towering retail giant that found itself struggling after the advent of online retailers including Amazon and chains like Walmart and Target. The company’s last profitable year was 2010, according to CNBC.
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AP Photo/Jeff Martin
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