Sears, the 125-Year-Old Iconic Retailer, Has 24 Hours To Survive (cnbc.com)

An anonymous reader shares a report: Sears, the employer of more than 68,000 filed for bankruptcy in October. Its last shot at survival is a $4.6 billion proposal put forward by its chairman, Eddie Lampert, to buy the company out of bankruptcy through his hedge fund, ESL Investments. ESL is the only party offering to buy Sears as a whole, people familiar with the situation tell CNBC. Without that bid or another like it, liquidators will break the company up into pieces. But as Lampert stares down a deadline of Dec. 28 to submit his offer, he is quickly running out of time. As of Thursday afternoon, Lampert had neither submitted his bid, nor rounded up financing, the people familiar said. Should Lampert submit a bid, Sears' advisors would have until Jan. 4 to decide whether he is a "qualified bidder." Only then, could ESL take part in an auction against liquidation bids on Jan. 14. It is possible Lampert, Sears' largest investor, secures financing in time to meet the deadline, these people said.

Comments

Re: black people

[hey!]

After reconstruction ended free black farmers turned to small scale crops that could be sold locally for small amounts of cash -- like watermelons. Recognizing this for what it was -- genuine enterprise -- would contradict the slavery narrative that blacks were too lazy to be allowed freedom. So instead the association of blacks with watermelons was used in popular (white) media to paint them as animal-like gluttons.