The 125-year old company filed bankruptcy in October. It now appears its Chairman, Eddie Lampert, may be its last hope. He has until 1:00 p.m. Friday to make a bid for the chain. But it's unclear whether he had lined up enough funding.
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If Lampert or someone else does not make a bid, the company faces liquidation.
Sears also owns Kmart, which would also go out of business.