30 Dec , 2018

Sears’ downfall in photos – Business Insider

Posted By Jassim Mohammad

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 Sears, once America’s most iconic retailer, could face liquidation.

Sears, once the largest retailer in the world, could be forced to liquidate. Here’s how it got there.

 

The century-old department-store chain has until 4 p.m. ET to secure a bid for the company, without which it faces closing down completely.

Sears chairman Edward Lampert and his hedge fund, ESL Investments, outlined a plan earlier this month to buy up the rest of Sears for up to $4.6 billion in cash and stock. However, sources toldCNBC that as of Thursday afternoon Lampert had not submitted his bid or rounded up financing. Despite this, sources said that it could be possible that he meets the deadline.

A spokesperson for ESL Investments declined to comment to Business Insider.

Sears filed for bankruptcy in October and announced that Lampert would be stepping down as CEO.

“Over the last several years, we have worked hard to transform our business and unlock the value of our assets,” Lampert said in a statement to the press at the time. “While we have made progress, the plan has yet to deliver the results we have desired, and addressing the Company’s immediate liquidity needs has impacted our efforts to become a profitable and more competitive retailer.”

Since then, American consumers have been lamenting the loss of what was at one point the world’s largest store and considered to be an early innovator of the shopping landscape.

Source: Sears’ downfall in photos – Business Insider

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