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Big deadline for Sears on Friday

Sears is nearing a crucial deadline that could determin...

Posted: Dec 27, 2018 9:39 PM
Updated: Dec 27, 2018 9:39 PM

Sears is nearing a crucial deadline that could determine whether it survives.

The bankrupt company set Friday as the deadline for potential buyers to bid for Sears' assets. It wants someone to buy about 500 of its stores and the Kenmore appliance brand to keep Sears and Kmart open for business.

Sears told the bankruptcy court it has interest from multiple parties. But the only public bidder for those assets is the hedge fund controlled by Sears Chairman Eddie Lampert, who is the company's largest creditor and served as CEO until its bankruptcy.

He is offering $4.6 billion for those operating assets. Lampert says his plan would let 50,000 Sears employees keep their jobs. The company had 68,000 workers at the time of its bankruptcy filing. Lampert is not offering to put up much new cash. Instead, he wants to forgive about $1.8 billion of the debt he holds from Sears.

Lampert has until Friday to make that bid official. If he doesn't -- and if no other bidders arise, Sears will have a critical decision to make. It could extend the deadline -- or it could decide to accept defeat and begin a plan to close all of its stores and liquidate its assets. A liquidation would probably take months to complete.

Sears and Lampert did not immediately respond to requests for comment.

Some Sears creditors, including landlords and vendors, believe shutting down the company is the best way to retrieve the greatest portion of the money Sears owes them. They question the legitimacy of Lampert's bid to keep it open.

In a bankruptcy court hearing last week, Sears' attorneys said it is considering bidders for its assets who would shut down the company.

Sears had limited success selling its assets. Last week, US Bankruptcy Court Judge Robert Drain gave initial approval for the $60 million sale of Sears' home improvement business to Service.com.

The company also has a lot riding on its holiday season sales, which Sears indicated are not going as well as it had hoped.

At the end of November, Sears offered grim projections for holiday sales, expecting to burn through cash most weeks. But it hoped for a strong week leading up to Christmas to net $50 million in cash for the entire holiday shopping period. The company has not yet stated its holiday season performance.

If it missed its targets, its chances of survival will be significantly reduced.

Indiana Coronavirus Cases

Data is updated nightly.

Cases: 726600

Reported Deaths: 13379
CountyCasesDeaths
Marion992781737
Lake53359964
Allen40387675
St. Joseph35449550
Hamilton35440408
Elkhart28376439
Tippecanoe22336217
Vanderburgh22271396
Porter18637306
Johnson17876377
Hendricks17154314
Clark12919191
Madison12574339
Vigo12426245
Monroe11845169
LaPorte11773210
Delaware10615185
Howard9859215
Kosciusko9366117
Hancock8239140
Bartholomew8042155
Warrick7766155
Floyd7645177
Grant7019174
Wayne7018199
Boone6669101
Morgan6547139
Dubois6148117
Marshall6000111
Dearborn578577
Cass5780105
Henry5681102
Noble558283
Jackson500472
Shelby489496
Lawrence4492120
Gibson434391
Harrison434271
Clinton426853
DeKalb425284
Montgomery423388
Whitley394439
Huntington387480
Steuben382957
Miami380266
Knox371890
Jasper362747
Putnam358560
Wabash353178
Adams340654
Ripley338970
Jefferson328881
White312854
Daviess295899
Wells290481
Decatur283592
Fayette278662
Greene276685
Posey270933
LaGrange264770
Scott264753
Clay259245
Randolph239781
Washington239532
Spencer231331
Jennings229248
Starke214452
Fountain211946
Sullivan211042
Owen197056
Fulton194640
Jay191830
Carroll188120
Perry182637
Orange182454
Rush172925
Vermillion168343
Franklin167735
Tipton162345
Parke145916
Blackford134532
Pike133034
Pulaski116045
Newton107034
Brown101541
Crawford99114
Benton98414
Martin87815
Warren81415
Switzerland7848
Union70710
Ohio56211
Unassigned0413

Ohio Coronavirus Cases

Data is updated nightly.

Cases: 1080121

Reported Deaths: 19344
CountyCasesDeaths
Franklin1254981392
Cuyahoga1115202107
Hamilton798171200
Montgomery512711012
Summit46997933
Lucas41982782
Butler38273580
Stark32190907
Lorain24910480
Warren24249297
Mahoning21474586
Lake20586368
Clermont19727238
Delaware18496131
Licking16396210
Fairfield16144199
Trumbull15996466
Medina15233262
Greene15027244
Clark13960297
Wood13056188
Portage12806201
Allen11609231
Richland11308198
Miami10659215
Muskingum8795132
Wayne8777210
Columbiana8756229
Pickaway8547121
Marion8511135
Tuscarawas8467243
Erie7859154
Hancock6900126
Ross6835152
Ashtabula6777169
Geauga6665148
Scioto6398101
Belmont5856167
Union570047
Lawrence5542102
Jefferson5511151
Huron5422119
Darke5344122
Sandusky5330120
Seneca5268121
Athens518258
Washington5148109
Auglaize488484
Mercer480185
Shelby468593
Knox4479110
Madison435461
Putnam4268100
Ashland421289
Fulton420969
Defiance418997
Crawford3965106
Brown392957
Logan381176
Preble379098
Clinton370561
Ottawa366279
Highland353861
Williams338075
Champaign330458
Guernsey315453
Jackson312051
Perry294550
Morrow283839
Fayette281449
Hardin270364
Henry268166
Coshocton264258
Holmes2590101
Van Wert242863
Pike237433
Adams237052
Gallia235048
Wyandot230654
Hocking215162
Carroll191247
Paulding172440
Meigs144639
Noble133337
Monroe131942
Morgan108323
Harrison107537
Vinton82415
Unassigned02
Fort Wayne
Cloudy
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Hi: 59° Lo: 36°
Feels Like: 41°
Angola
Cloudy
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Hi: 56° Lo: 37°
Feels Like: 39°
Huntington
Clear
44° wxIcon
Hi: 59° Lo: 35°
Feels Like: 44°
Decatur
Cloudy
41° wxIcon
Hi: 60° Lo: 37°
Feels Like: 41°
Van Wert
Cloudy
45° wxIcon
Hi: 60° Lo: 37°
Feels Like: 40°
We'll start Friday off dry, but the chance of rain returns. Scattered showers will be possible by late morning until the evening.
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