NEW YORK (WEEK) — Sears Holdings Corp. will ask a bankruptcy judge to allow it to liquidate its remaining stores and assets, Reuters reports.
Reuters reported the company could not come to an agreement on Chairman Edward Lampert’s $4.4 billion takeover bid.
The 126-year-old department store chain has suffered closures across central Illinois, with Peoria’s Northwoods Mall location the sole remaining outlet still open in the Peoria-Bloomington area. The Sears store at Bloomington’s Eastland Mall closed last year.
More than 68,000 employees could lose their jobs if the chain wins approval to liquidate, Reuters reported.
Sears Holdings Corp. also owns the Kmart chain of stores.