Sears Holdings Corp. is preparing to potentially wind down the iconic retailer after Chairman Eddie Lamperts bid to buy several hundred stores out of bankruptcy fell short of bankers qualifications, people with knowledge of the matter said.
The retailer started laying the groundwork for a liquidation after meetings Friday in which its advisers weighed the merits of a $4.4 billion bid by Lamperts hedge fund to buy Sears as a going concern, said the people, who asked not to be identified because the discussions are private. If the 125-year-old retailer does die in bankruptcy like Toys R Us in 2018, and Borders Group Inc. in 2011 it would mark the largest fatality yet in the retail apocalypse pr…
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