Friday is a big day for former retail icon Sears, which could potentially be forced to liquidate if its former CEO, Eddie Lampert, does not submit an official buyout bid by the end of the day.
Lampert, who is still the company’s chairman, proposed buying the struggling retailer in full for $4.6 billion through his hedge fund ESL Investments – including 500 Sears and Kmart stores, store inventory and other assets. As part of the deal, ESL would also forgive $1.8 billion of debt that the retailer owes the hedge fund.
Unless the retailer receives the bid from Lampert – or a similar one from another firm – it could be broken up by liquidators next month.
Spokespersons for both Sears and ESL declined to comment.
