Deals
Sears Survival Hangs by Thread as Bid Ruling Said to Be Delayed
- Lampert’s plan to rescue bankrupt retailer said to fall short
- If concerns aren’t addressed, retailer would look to liquidate
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Eddie Lampert is struggling to convince bankers for Sears Holdings Corp. that his bid to keep the retailer alive is adequate. But he’ll have a little more time to try.
The hedge-fund manager came up short Friday in meeting Sears’s conditions for what it considers a qualified bid to rescue the department-store chain from bankruptcy, according to people with knowledge of the discussions. The company is giving Lampert’s ESL Investments additional time to address its concerns, one of the people said. A hearing has been set for Tuesday to brief Judge Robert Drain, who’s presiding over the bankruptcy.