Sears Gets Another Life Line: Lampert’s $4.4 Billion Offer Is Still Alive
Former CEO Edward Lampert plans to participate in bankruptcy auction on Jan. 14
Sears, an American retail staple since 1886, has been struggling in recent years, closing stores, selling off assets and borrowing money. But it wasn’t always this way. Gordon Weil, author of “Sears, Roebuck, USA,” looks back on the history of the retailer. Photo: Getty
Billionaire Edward Lampert will get one last chance to keep Sears Holdings Corp. from closing down, after the retailer agreed to let its longtime leader compete in a bankruptcy auction that will decide the once-iconic department store’s fate.
Sears, which filed for chapter 11 protection in October, plans to hold a court-supervised auction on Monday that will determine whether what is left of the 126-year-old chain is liquidated or left in Mr. Lampert’s control. The retailer’s independent board members and creditors want to...