After years wasting away on life support, Sears’ doctors were finally ready to pull the plug on the 126-year-old retailer. The $4.4 billion infusion wouldn’t do. There was no point in prolonging its suffering. The time had come to harvest the cadaver for the handful of extremely healthy parts and land it still amazingly possessed after so many years of mismanagement.
But Eddie Lampert is nothing if not two things: Extremely driven and deeply in love with the company he’s been slowly killing. And so just before the respirators were turned off, Sears’ former CEO raced to a courthouse to save it, buying Sears an extra 24 hours, and maybe longer.
Sears Holdings had planned to reject Lampert's bid to save the 126-year-old company, which would have put it on a course to liquidation….
ESL protested Sears' decision…. Ultimately, the bankruptcy judge gave Lampert more time — but at a cost. ESL will now be required to pay a $120 million deposit by 4:00 p.m. Wednesday. Sears will allow Lampert to participate in a previously scheduled auction Monday, when it will compare ESL's offer to others by liquidators. But it's unclear where he will get the funds to back his offer.
Court allows Chairman Eddie Lampert another chance to buy Sears, pushing off decision to shut stores [CNBC]
Sears plans to shutter after 126 years in business as Chairman Eddie Lampert’s bid fails [CNBC via Yahoo!]