Sears Liquidation Looms As Advisors Reportedly Reject Lampert Bid

Sears has rejected Eddie Lampert’s $4.4 billion bid to save the company, condemning the venerable retailer to liquidation, people familiar with the matter told CNBC and Reuters. While the offer was deemed sufficient by Sears’ advisors, it fell short in covering vendor fees and payments, which made the deal “administratively insolvent.”

Lawyers for ESL Investments, Lampert’s hedge fund, still plan to protest the decision, which could give Lampert more time to improve his offer, according to some of the sources. One of the main points of dispute centers on whether Lampert’s existing bid fully…