According to a report from CNBC, Sears chairman Eddie Lampert and his hedge fund, ESL Investments, only have until the end of the day today to officially submit a bid to buyout and potentially save the 125-year-old Sears company.
CNBC reported that though ESL had previously proposed a $4.6 billion buyout, as of Thursday evening, ESL had not rounded up the total needed financing to support its offer.
Should the bid fail to materialize, CNBC said the company would likely be on the path to liquidation, which would take place over the course of weeks, as stipulated by the bankruptcy court.
Follow the story:
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