Good news for the customers, bad news for their employees.
There could be some amazing deals at your local Sears store soon. The bankrupt retail giant missed a Friday deadline asking it to report if the offer by former CEO Eddie Lampert to fund a four-point-four billion dollar deal to keep 425 stores open would be considered.
Sears has asked a judge to move forward with the liquidation plans.
Lampert, meanwhile, is going to petition to give him more time to get a higher bid together in an effort to save the retailer.
A bankruptcy auction is currently scheduled for January 14th. 68-thousand jobs will be lost if Sears closes its doors.
Source: The Street
Pic credit: Scott Olsen