Sears has not accepted Chairman Eddie Lampert’s bid to save the company. According to CNBC, Sears plans to announce its liquidation plans this morning. Lampert had attempted to save the company with a $4.4 billion bid and buying it out of bankruptcy. Sears’ advisors said that would not be enough to keep the stores in business.
“Sears had a little under 700 stores when it filed for bankruptcy in October, but it has since whittled that down to an expected footprint of roughly 400. It employed 68,000 workers at the time of its filing.”, CNBC reported.