By Michael Hernandez
WASHINGTON (AA) – Former retail giant Sears is set to liquidate Tuesday after its advisers rejected a $4.4 billion buyout from Chairman Eric Lampert.
A bankruptcy judge will have to decide on whether Sears Holding Corp., which owns Kmart and Sears retail stores, will be allowed to proceed with liquidation, according to Reuters.
The company once held over 3,000 stores nationwide, but had faced mounting problems as customers opted to shop at other retailers, and progressively opted to make purchases online.
Sears filed for Chapter 11 bankruptcy last October, setting in motion a process that has included hundreds of store closings.
Should Sears end its 126-year retail history, nearly 70,000 people would be put out of work.
Lampert and his lawyers are expected to make another attempt to buy the holding company during Tuesday's liquidation hearing, according to Reuters.
