A last-minute bid to save Sears now faces new challenges.
The U.S. government, major mall owners and other creditors are lining up to block the effort to hold off liquidation, setting up a courtroom clash to decide the fate of one of America's most iconic retailers.
The federal agency that backstops corporate pensions is objecting to Sears chairman, investor and former CEO Eddie Lampert's bid to acquire the retailer out of bankruptcy, a deal that presents the last remaining alternative to going out of business altogether. The agency accused Lampert of structuring the deal to inappropriately obtain ownership of the chain's Kenmore appliance brand and the DieHard tools brand. . . . more