Sears needs a buyer to survive and they need one by today!

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Sears filed for Chapter 11 bankruptcy on October 15 and now about 500 of its stores and the Kenmore appliance brand is up for grabs.

Potential buyers bids must be submitted by Friday at 4 p.m. ET. 

If someone buys, Sears and K-Mart will remain open for business and 68,000 jobs could be saved. 

As of right now. Sears only has one public bidder.

A hedge fund controlled by Sears chairman Eddie Lampert is offering $4.6 billion for those assets.

Lampert is the company’s largest creditor and served as CEO until its bankruptcy.

He has until Friday to make his bid official.

If he doesn’t and Sears receives no other bids, the company can do one of two things.

It could extend the deadline or liquidate its assets.

A liquidation would let creditors recoup some of their losses but could take months to complete.

Copyright 2019 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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