Sears might be down for the count, but its social media team is still throwing punches.
The retailer is reportedly in the end game after closing hundreds of stories nationwide and filing for bankruptcy in October. New reports say the company has asked a bankruptcy judge to allow it to liquidate its assets.
The feeling of finality has been in the air for a week or more as uncertainty hung over Chairman Eddie Lampert’s offer to save the company.
Sears Holdings Corp will ask a bankruptcy judge on Tuesday if it can proceed with liquidation after it could not reach an agreement on Chairman Edward Lampert’s $4.4 billion takeover bid, casting doubt on the survival of the 126-year-old U.S. department store, people familiar with the matter said.
Should Sears liquidate its assets, it would become perhaps the most high-profile victim in the wave of bankruptcies that have swept the retail sector in the last few years, as the popularity of online shopping exacerbates the fierce price competition facing brick-and-mortar stores.