Sears reaches this Friday a key moment for its survival

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Sears is approaching a crucial deadline that could determine whether it survives or not.

The bankrupt company set Friday as the deadline for potential buyers to bid on Sears assets. He wants someone to buy about 500 of his stores and the Kenmore appliance brand to keep Sears and Kmart open to the public.

Sears told the bankruptcy court that he had interest from several parties. But the only public bidder for these assets is a hedge fund controlled by Sears president Eddie Lampert, who is the company’s largest creditor and served as the CEO until his bankruptcy.

Lampert is offering $ 4.6 billion US for these operating assets. He says his plan would allow 50,000 workers to keep their jobs. The company had 68,000 workers at the time of filing for bankruptcy. Lambert does not offer much cash. Instead, he proposes to forgive about $ 1.8 billion US of his debt from Sears.

The spokespersons for Sears and Lampert declined to comment on Thursday.

Some Sears creditors, including owners and sellers, believe that closing the company is the best way to recover most of the money Sears owes them. They question the legitimacy of Lampert’s bid to keep it open.

Source: CNN