After Saying They Are Done – Sears' Eddie Lampert Gets More Time For Last-Ditch Rescue Bid, Reports Say

Flailing Sears may get another chance to stick around. The 126-year-old retailer on Tuesday was set to ask a bankruptcy court’s permission to proceed with a planned liquidation, but Chairman Eddie Lampert has been granted more time to advance his $4.4 billion takeover bid, according to multiple media reports.
Sears Holdings filed for bankruptcy protection last October. The retailer reportedly planned to tell the court Tuesday it had rejected Lampert’s offer and ask for approval to proceed with a liquidation that would likely shutter hundreds of Sears and Kmart stores and potentially put more than 50,000 people out of work.
Read more starting at ‘Lambert, however, protested Sears’ plan, stressing the millions of dollars in fees paid to’ at……Sears’ Eddie Lampert gets more time for last-ditch rescue bid, reports say

Do you like our articles? What do you want to see or read about the wealthy?