• The deadline to submit bids for Sears’ business is 28 December.
  • Chairman Edward Lampert and his hedge fund ESL Investments outlined a plan earlier this month to buy up the rest of Sears for up to $4.6 billion in cash and stock. However, sources told CNBC that as of Thursday afternoon Lampert had not submitted his bid or rounded up financing.
  • These sources also told CNBC that ESL is currently the only party offering to buy Sears as a whole. Without this, Sears will likely to be split up by the liquidators.

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The day of reckoning has come for Sears.

The century-old department store chain has just 24 hours to secure a bid for the company, without which it faces liquidation.