Sears agrees to consider revised Lampert bid

New York City. If the bankrupt retail chain does not accept the only bid to save it it could be forced to start the process of shutting down as soon

Sears Chairman Edward Lampert's push to save the bankrupt retailer still has a shot to succeed.

Sears' unsecured creditors, though, have argued there may be claims against Sears for deals done under his tenure as CEO and its largest shareholder, which include Sears' spinoff of Lands' End in 2014 and transactions with Seritage Growth Properties, a real estate investment trust Lampert created through some Sears' properties a year later..

Lampert's latest attempt to rescue Sears came after his previous $4.4 billion bid fell short, prompting the retailer to make liquidation preparations ahead of bankruptcy court hearing in NY on Tuesday.

Reuters reports the negotiations between Lampert and the company broke down over the structure of his bid, as well as the former CEO's request to not be held liable for actions he took while servicing as the company's chief executive.

Sears' lawyers said a revised bid will require Mr Lampert to make a $120m (£94.4m) down payment, through his hedge fund, by 4pm NY time on Wednesday.

Klopp: Manchester City defeat an important step for Liverpool
There are now four replay matches set to take place, but their could be a fifth if Wolves and Liverpool draw tonight. If Joel Matip and Joe Gomez had been fit, Ki-Jana would in all probability not train with us.

Suspect Charged With Murder In The Jazmine Barnes Killing In Houston
Lee Merritt, a national civil rights attorney working with Jazmine's family, said there were no updates in the search on Saturday. Police now say they do not believe the family was targeted and that the shooting may have been a case of mistaken identity.

Browns vs. Ravens, Week 17 live stream
Ever since rookie sensation Lamar Jackson took over from Joe Flacco in week 11, the Ravens have emerged as a fresh, revamped team. Mayfield has thrown a TD pass in 13 straight starts, the first Browns QB do so in a single season since Frank Ryan in 1966.

Sears filed for bankruptcy in October, but said it hoped to be able use the process to stay in business.

Ultimately, a bankruptcy judge is giving Lampert more time. That raised concerns in the negotiations since the maneuver might not be allowed in court, the sources said, given ongoing investigations of Lampert's pre-bankruptcy deals, which the hedge fund manager maintains were proper.

Sears Holdings has rejected Chairman Eddie Lampert's bid to save the 126-year-old company, setting the storied retailer with more than 50,000 employees on a path to liquidation, CNBC reported, citing sources familiar with the matter.

He also offered to forgive more than $1 billion in debt he is owed by Sears from earlier loans he made to the company.

Sears has been struggling for several years with bare shelves and displays. Even as Sears' brick and mortar competitors established effective e-commerce operations Sears - a pioneer in catalog sales - failed to do so.

Related news:

Hot News

isis-killer-beheading-video-story-top Chance the Rapper apologises for working with R. Kelly
Jan 09, 2019 - 01:35
Authorities in Georgia are criminally investigating R.Kelly, TMZ reports. "Too many of us still do". "She added, "F*ck R. The report ends with a statement that reads he will be suing everyone involved with the scandalous expose.

isis-killer-beheading-video-story-top Josh McDaniels to Remain With Patriots Through 2019
Jan 09, 2019 - 01:02
McDaniels remains the most logical candidate to be Bill Belichick's successor, whenever the Hoodie decides to hang it up. The only position that McDaniels interviewed for this off-season was with the Green Bay Packers .

HBO debuts first ‘Game of Thrones’ season 8 footage
Jan 08, 2019 - 00:43
Game of Thrones Season 8 is the show's final one, and it's expected to be a dramatic conclusion to the much-loved fantasy series. Or, you know, steal the password from your bastard brother's new white-haired girlfriend who thinks she owns the whole house.

isis-killer-beheading-video-story-top Golden Globe Awards: Queen film Bohemian Rhapsody wins top honor
Jan 08, 2019 - 00:32
Bradley Cooper and Lady Gaga's film A Star Is Born didn't win Best Film (Drama) at the 2019 Golden Globes and fans are not happy. He added cryptically: "I'm keeping tight-lipped". "I am privileged to be counted among you".

isis-killer-beheading-video-story-top Disneyland hikes ticket prices sky high before Star Wars land opens
Jan 08, 2019 - 00:27
That will cost you a whopping $1,949 - and that's a 23 percent bump from past year . A new Star Wars hotel is under construction near the Orlando park.

isis-killer-beheading-video-story-top Malaysia's king abdicates in historic first , Latest World News
Jan 08, 2019 - 00:27
The King also expressed his highest appreciation to the Prime Minister and the Federal government for their cooperation. But such a marriage is unlikely to sit well with the country´s conservative royal households.

isis-killer-beheading-video-story-top First Alleged 2019 iPhone XI 'Leak': 3D Renders Reveal Triple-Camera Setup
Jan 08, 2019 - 00:21
However, we're still at least nine months away from Apple's annual iPhone reveal, so take these images with a pinch of salt. Adding in a new ToF (time of flight) sensor would mean that real-time room mapping would become a reality.

isis-killer-beheading-video-story-top Fed’s Powell dumps American dollar, as USA share jumps
Jan 08, 2019 - 00:15
Bourses in Paris, Frankfurt and London all surged at least two percent, also boosted in part by the United States momentum. Stocks also got a boost after China took steps to encourage bank lending and stimulate the country's flagging economy.

isis-killer-beheading-video-story-top Brexit 'meaningful vote' to be held next week
Jan 08, 2019 - 00:14
May told the BBC that in the coming days she will give more details about measures addressing Northern Ireland and concern over the Irish border.

isis-killer-beheading-video-story-top Donald Trump claims he 'essentially fired' Jim Mattis
Jan 07, 2019 - 01:14
Trump told Shanahan he was "such a pleasure" to work with and that he had "done a really fantastic job" with regard to the border. On his first day as acting defense secretary, Pat Shanahan is emphasizing that China should be the Pentagon's main focus.

Trump aide: US military withdrawal from Syria 'waiting on conditions'
Jan 07, 2019 - 00:41
The Kurds have invited Damascus to send troops into some of the territory it controls, to act as a bulwark against pro-Turkish forces.

isis-killer-beheading-video-story-top Alleged Xiaomi bendable smartphone showcased in a hands-on video
Jan 07, 2019 - 00:25
Is this really Xiaomi's foldable phone? The rumor hints a phone manufactured by Xiaomi , and they are working on a foldable phone. The time shown in the top-left of the display suggests the device is running on Android 9.

isis-killer-beheading-video-story-top No talks yet on long-term Man Utd future, says Solskjaer
Jan 06, 2019 - 22:48
But United are likely to go with a strong side with Romelu Lukaku and Alexis Sanchez both in line to start. But it wasn't plain sailing for Lukaku, and the Belgian did struggle for most of the first half.

isis-killer-beheading-video-story-top Ukraine church's historic split from Russian Federation granted by patriarch
Jan 06, 2019 - 22:46
It had been "signed in violation of the canons and therefore not possessing any canonical force", Legoida said in a statement. Poroshenko met with Turkish President Recep Tayyip Erdogan before the ceremony .

isis-killer-beheading-video-story-top Brexit: 'Uncharted territory' if United Kingdom parliament votes no, says May
Jan 06, 2019 - 22:45
Prominent Brexiteer Peter Bone said a no-deal scenario was the only way to guarantee the United Kingdom actually leaves the EU. Shadow worldwide trade secretary Barry Gardiner suggested Labour could offer a referendum on a renegotiated Brexit deal.