Economy

Sears Takeover Bid Fails, Asks Bankruptcy Judge To Liquidate

Sears Takeover Bid Fails, Asks Bankruptcy Judge To Liquidate

Lampert's latest attempt to rescue Sears came after his previous US$4.4 billion bid fell short, prompting the retailer to make liquidation preparations ahead of bankruptcy court hearing in NY on Tuesday.

"U.S. Bankruptcy Judge Robert Drain in the Southern District of NY, who is presiding over the case, could decide to give Lampert more time to improve on his bid, the sources said", Reuters notes. By 2016 the combined retail venture Sears Holdings was locked in a downward spiral of falling revenue and rising debt, with customers defecting from stores considered outdated and stocked with unappealing merchandise. A subsidiary of B. Riley Financial, Great American partnered with Tiger a year ago to buy many of bankrupt retailer Bon-Ton Stores' assets and liquidate the company.

Plagued by falling sales and heavy debt, Sears filed for Chapter 11 bankruptcy reorganization in October and announced plans to close 142 of its roughly 700 remaining stores and eliminate thousands of jobs. Per the report, ESL must make a $120 million deposit by Wednesday afternoon, which will allow its bid to be compared against liquidator offers when the Sears auction takes place on January 14. Lampert's last offer was funded by conversion of debt to equity.

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Sears received another lifeline after the company's chairman and largest shareholder promised to line up the necessary financing to keep the struggling department store chain afloat.

Lampert had submitted a bid on December 28.

An attorney representing businesses and people who are owed money by Sears told the court Tuesday they will still challenge the bid if it turns out that Lampert intends to use forgiveness of any of the debt as part of the offer.

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But the fact that Sears has an offer that seeks to rescue it doesn't guarantee it will escape liquidation. The creditors' attorneys question whether the terms of those loans unduly benefited Lampert and his hedge fund rather than Sears.

The post No Deal: Sears Rejects Lampert's Takeover Bid, Will Liquidate 126-Year-Old Retail Icon appeared first on CCN.

Even though no other bidders stepped forward, Sears Holdings' board decided the offer wasn't good enough since almost a quarter of it was in the form of debt forgiveness.

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The largest USA toy retailer, Toys "R" Us, tried to emerge from its 2017 bankruptcy filing but was also forced to liquidate six months later, after creditors lost confidence in its turnaround plan.


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