Deals
Sears Is Said to Extend Talks on Lampert's Plan to Rescue Chain
- Jobs and a release from future lawsuits still under discussion
- But alternate plans on liquidation are held aside for now
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Talks on the latest Sears takeover bid from Chairman Eddie Lampert are extending into Tuesday as stakeholders try to reach an agreement on whether Sears Holdings Corp. should live on.
The discussions lasted for over 12 hours on Monday before the parties decided to reconvene at 9 a.m. today in New York. Negotiators initially didn’t embrace Lampert’s revised rescue plan for the bankrupt retailer, but they were concentrating on his proposal rather than competing bids from liquidators, according to people with knowledge of the discussions. Sticking points still include whether he should be insulated from lawsuits over his previous turnaround deals, said the people, who weren’t authorized to speak publicly.