(North Olmsted) - The nation's oldest retailer is safe from liquidation, for now.
The chairman of Sears submitted a last-second bid to keep the company alive. Eddie Lampert's investment company is submitting a formal proposal.
Courts had made Friday the deadline for bids on the company as its bankruptcy case proceeds. Still, it may not be enough to save the company.
Some Sears shoppers at the store in the Great Northern Mall say they are sorry that the legendary retailer is continuing to struggle.
Others told Newsradio WTAM 1100, they rarely shop at Sears and tend to buy goods online. Some blame corporate greed for Sears woes.
Sears' advisers have until January 4th to decide if ESL Investments is a qualified bidder. If it is, it still must participate in a liquidation auction on January 14th.
The 125-year-old company announced earlier it would be closing an additional 80 stores, including a KMart in Cleveland.
That brings the total closed since October to more than 260 of its 700 stores. Sears employs more than 68,000 people.
(Photos by Ken Robinson/WTAM)
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