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(Reuters) – A long-standing liquidator is now first in line for one of the U.S how to make cabochon cufflinks. retail sector’s most daunting assignments: shutting down 126-year-old department store chain Sears Holdings Corp (SHLDQ.PK), people familiar with the matter said on Sunday. Sears has lined up Closter, New Jersey-based Abacus Advisory Group LLC to sell the chain’s vast inventories of tools, appliances and store fixtures should negotiations with Chairman Edward Lampert over his $4.4 billion takeover bid end unsuccessfully, the sources said..
Lampert’s bid to rescue Sears through an affiliate of his hedge fund, ESL Investments Inc, has fallen short so far, the sources said. The billionaire and Sears are racing to resolve the bid’s sticking points before a Tuesday court date after negotiations dragged well beyond a Friday deadline, the sources said. The bid would preserve 425 Sears stores and up to 50,000 jobs across the United States, according to a letter delivered to Sears on Dec how to make cabochon cufflinks. 28. A liquidation would put roughly 68,000 people Sears now employs out of work..
Besides tapping Abacus, Sears has turned to a firm run by retail magnate Jay Schottenstein to help it shed inventory in the event of a liquidation, the sources said how to make cabochon cufflinks. Schottenstein is the chief executive of teen apparel chain American Eagle Outfitters Inc (AEO.N) and chairman of shoe seller DSW Inc DSW.N. The sources asked not to be identified because the matter is confidential. Sears and Alan Cohen, chairman of Abacus, declined to comment. Schottenstein could not be immediately reached for comment..
Abacus has a 16-year history with Sears, after liquidating more than 800 stores for the once-mighty chain since 2002, according to bankruptcy court papers. Sears had already retained Abacus as a liquidation consultant after filing for bankruptcy, but decided to take offers from other liquidators how to make cabochon cufflinks. Sears decided to continue working with Abacus last Friday after turning down bids from competitors that have worked on some of the biggest wind-downs in recent years, including Bon-Ton Stores Inc, Toys “R” Us Inc and Sears Canada, the sources said..
Abacus has worked on several liquidations, including Filene’s Basement and Service Merchandise Corp, according to its website how to make cabochon cufflinks. A main point of contention in the negotiations between Lampert and Sears on Sunday centered on whether Lampert’s bid adequately addressed so-called administrative claims, the legal term of art for the bankruptcy costs Sears has racked up since filing for bankruptcy protection on Oct. 15, some of the sources said. Those costs, which include bills from lawyers and financial advisers, are expected to exceed $200 million, those sources said..