Sears Takeover Bid Fails, Asks Bankruptcy Judge To Liquidate: Report

The Sears store at the Del Amo Fashion Center in Torrance on Monday, Dec. 17, 2018.
Scott Varley/Digital First Media/Torrance Daily Breeze via Getty Images

One of America's most iconic businesses, which has been in business for over 125 years and still employees 68,000 people, is on the verge of liquidation after an eleventh-hour, $4.4 billion takeover bid failed to satisfy advisers to the company, which hasn't turned a profit in nearly a decade.

"Sears Holdings Corp will ask a bankruptcy judge on Tuesday if it can proceed with liquidation after it could not reach an agreement on Chairman Edward Lampert’s $4.4 billion takeover bid, casting doubt on the survival of the 126-year-old U.S. department store," Reuters exclusively reported Tuesday, citing sources familiar with the matter.

Lampert submitted the bid just before the December 28 deadline set by a bankruptcy court, prompting the company's advisers to assess if he was a "qualified bidder" and the deal was enough to keep the company afloat. According to Reuters' sources, the bid fell short. Now Sears faces full liquidation of its assets if the judge doesn't decide to give Lampert more time to improve his offer, which Reuters' sources say he and his hedge fund, ESL Investments Inc., are attempting to do.

"U.S. Bankruptcy Judge Robert Drain in the Southern District of New York, who is presiding over the case, could decide to give Lampert more time to improve on his bid, the sources said," Reuters notes. "A bankruptcy auction for Sears’ assets is not due until Jan. 14."

When Sears filed for bankruptcy in October, it announced the closure of 142 Sears and Kmart stores. As The Daily Wire reported last week, Sears has recently announced the closure of 80 more stores across the country, including its automotive shops. The latest round of closures leaves the company with just 400 stores nationwide. Below is the full list of the stores set to close by March:

Arizona

  • Kmart - 7055 East Broadway, Tucson AZ

California

  • Kmart - 2180 E Mariposa Rd, Stockton CA
  • Kmart - 20777 Bear Valley Rd, Apple Valley CA
  • Kmart - 1000 San Fernando Rd, Burbank CA
  • Kmart - 2875 Santa Maria Way, Santa Maria CA
  • Kmart - 2505 Bell Rd, Auburn CA

Colorado

  • Sears (Auto Center closing in Jan) - 2050 Southgate Rd, Colorado Springs CO
  • Sears (Auto Center closing in Jan) - 1650 Briargate Blvd, Colorado Springs CO
  • Sears (Auto Center closing in Jan) - 3201 Dillon Dr, Pueblo CO

Connecticut

  • Kmart - 295 Hartford Turnpike, Vernon CT

Florida

  • Kmart - 200 Irwin Ne, Fort Walton Beach FL
  • Kmart - 6126 Hwy 301, Ellenton FL
  • Sears - 1700 W Intl Speedway Blvd, Daytona Beach FL
  • Sears (Auto Center closing in Jan) - 1500 Apalachee Pkwy, Tallahassee FL
  • Sears (Auto Center closing in Jan) - 347 Westshore Plz, Tampa FL
  • Sears (Auto Center closing in Jan) - 1441 Tamiami Trl Pt, Charlotte FL
  • Sears (Auto Center closing in Jan) - 9409 Us Highway 19 N Ste 101, Port Richey FL

Georgia

  • Sears (Auto Center closing in Jan) - 150 Pearl Nix Pkwy, Gainesville GA

Illinois

  • Sears (Auto Center closing in Jan) - 235 Saint Clair Sq, Fairview Heights IL
  • Sears (Auto Center closing in Jan) - 7200 Harrison Ave, Cherry Valley IL

Indiana

  • Kmart - 11 Sherwood Square, Peru IN

Iowa

  • Sears (Auto Center closing in Jan) - 4480 Sergeant Rd, Sioux City IA

Kansas

  • Sears (Auto Center closing in Jan) - 7700 E Kellogg Dr, Wichita KS

Louisiana

  • Kmart - 2940 Veterans Blvd, Metairie LA
  • Sears - 4400 Veterans Mem Blvd, Metairie LA

Maryland

  • Kmart - 8980 Waltham Woods Rd, Baltimore MD
  • Sears (Auto Center closing in Jan) - 2306 N Salisbury Blvd, Salisbury MD

Michigan

  • Sears (Auto Center closing in Jan) - 5500 Harvey St, Muskegon MI
  • Sears - 27600 Novi Rd, Novi MI

Minnesota

  • Kmart - 201 Ninth St S E, Rochester MN
  • Sears - 2000 N E Court, Bloomington MN

Missouri

  • Kmart - 155 Twin City Mall, Crystal City MO

Mississippi

  • Kmart - 12057 Highway 49 Delmar Plaza, Gulfport MS

Missouri

  • Kmart - 155 Twin City Mall, Crystal City MO

Nebraska

  • Kmart - 1515 W 3rd St, Alliance NE
  • Sears (Auto Center closing in Jan) - 7424 Dodge St, Omaha NE
  • Sears (Auto Center closing in Jan) - 6400 O St, Lincoln NE

Nevada

  • Sears (Auto Center closing in Jan) - 3450 S Maryland Pkwy, Las Vegas NV

New Jersey

  • Kmart - 213 Highway 37 E, Toms River NJ

New Mexico

  • Kmart - 1705 S Main St, Roswell NM

New York

  • Kmart - 308 Dix Avenue, Queensbury NY
  • Kmart - 1020 Center Street Grand Central Plaza, Horseheads NY
  • Kmart - 121 Bolivar Road, Wellsville NY
  • Kmart - 1251 State Rte 29 Ste 1O Greenwich Plaza, Greenwich NY
  • Sears (Auto Center closing in Jan) - 10 Miracle Mile Dr, Rochester NY

North Carolina

  • Kmart - 980 Brevard Rd, Asheville NC
  • Kmart - 110 112 Bost Rd, Morganton NC
  • Kmart - 4841 Arendell St, Morehead City NC
  • Sears (Auto Center closing in Jan) - 1620 Guess Rd, Durham NC
  • Sears (Auto Center closing in Jan) - The Streets Of Southpoint, Durham NC

North Dakota

  • Kmart - 1900 S Washington St, Grand Forks ND

Ohio

  • Kmart - 7701 Broadview Road, Cleveland OH
  • Kmart - 620 Plaza Dr, Fostoria OH
  • Sears - 5053 Tuttle Crossing Blvd, Columbus OH
  • Sears (Auto Center closing in Jan) - 1400 Polaris Pkwy, Columbus OH
  • Sears (Auto Center closing in Jan)- 1475 Upper Valley Pike, Springfield OH

Oregon

  • Kmart - 400 N East Circle Blvd, Corvallis OR
  • Sears (Auto Center closing in Jan) - 501 Medford Ctr, Medford OR

Pennsylvania

  • Kmart - 996 West View Park Drive, Pittsburgh PA
  • Kmart - 2873 W 26Th Street, Erie PA
  • Sears (Auto Center closing in Jan) - 200 Park City Ctr, Lancaster PA
  • Sears (Auto Center closing in Jan) - 5256 Route 30, Greensburg PA
  • Sears (Auto Center closing in Jan) - 5580 Goods Lane Ste 1005, Altoona PA

South Carolina

  • Kmart - 1143 Broad St, Sumter SC

South Dakota

  • Kmart - 1111 E North St, Rapid City SD

Tennessee

  • Kmart - 1805 E Stone Dr, Kingsport TN
  • Kmart - 217 Forks Of River, Pkwy Sevierville TN
  • Sears - 1000 Rivergate Pkwy, Goodlettsvlle TN
  • Sears - 2021 N Highland Ave, Jackson TN

Texas

  • Sears - (Auto Center closing in Jan) - 201 S Plano Rd, Richardson TX
  • Sears (Auto Center closing in Jan) - 4310 Buffalo Gap Rd, Abilene TX
  • Sears (Auto Center closing in Jan) - 851 N Central Expwy, Plano TX
  • Sears (Auto Center closing in Jan) - 6001 W Waco Dr, Waco TX
  • Sears (Auto Center closing in Jan) - 7701 1-40 W Ste 400, Amarillo TX
  • Sears (Auto Center closing in Jan) - 2100 S W S Young Dr, Killeen TX
  • Sears - 3100 Highway 365, Port Arthur TX

Virginia

  • Sears (Auto Center closing in Jan) - 1531 Rio Rd E, Charlottesville VA

Washington

  • Kmart - 4110 E Sprague Ave, Spokane WA
  • Sears (Auto Center closing in Jan) - 1321 N Columbia Center Blvd Suite 455, Kennewick WA

Wisconsin

  • Kmart - 1450 Summit Avenue, Oconomowoc WI
  • Sears 4301 W Wisconsin Ave Appleton WI

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