Three months after Sears Holdings filed for Chapter 11 bankruptcy protection, it appears as if there is life left in the venerable retailer.
Sears Holdings will consider a revised takeover bid from its chairman Edward Lampert just hours after it appeared that the venerable retailer was headed for liquidation, Reuters reported Tuesday afternoon.
Sears Holdings’ plans to stay in business while looking for a possible buyer was approved by a U.S. Bankruptcy Court on Thursday, November 15, despite objections by some creditors, according to a report by Reuters.
Sears Holdings will close an additional 40 locations in 2019 as the company continues to navigate bankruptcy proceedings.
As Sears Holdings continues working to overcome slumping sales at its Sears and Kmart stores, the company is facing the possibility of a bankruptcy filing within one to two years, TheStreet.com has reported, citing information from Fitch Ratings.