For Sears, the day of reckoning has finally arrived.
Sears, which is a departmental store that is about a century old, has now got only 24 hours so as to secure a bid for itself, failure to which will lead to the liquidation of the company.
Edward Lampert who is the Chairman along with his hedge fund ESL Investment has also outlined a plan in the beginning of the current month upon the buying of the rest of the company for about $4.6 billion amount which will be in both cash and stock.
But, according to some sources as was reported by CNBC, until the afternoon of Thursday the chairman, Lampert has neither submitted his bid nor rounded up the financing.
As per the same sources of CNBC, as of now ESL is the only party that is offering to purchase Sears as a whole, as was also reported by CNBC.
According to the report of the Business Insider, the spokesperson for the ESL Investments did not respond to its requests of commenting upon the matter.
CNBC has also reported that according to its sources, despite the fact that Lampert might be bidding this time, there are huge chances that he might secure financing in order to meet the deadline of Friday.
In the month of October, Sears has filed for bankruptcy. It has been years since the company has been losing money and therefore closing its stores. Lapmert who was the former CEO who has currently acting as the chairman was blamed by many of the employees of the company.
According to the filing of the bankruptcy by the company, since 2013 until the October of the current year the store count of the company has declined to 687 from 1,980.
Source: Business Insider, CNBC
