Sears would now focus on preparing for liquidation sales to begin as early as midmonth, they said. Article Continued BelowSpokesmen for Sears and ESL declined to comment, as did a representative for Lazard Freres & Co., which is advising Sears. The ESL plan didn’t include a cash backstop for that part of the bid. Lampert’s bid included a secondary proposal in case the going-concern offer were to fall through. Lampert’s ESL said its transactions were made in good faith and on fair terms to other stakeholders.

Source: thestar January 07, 2019 14:03 UTC