>> Sears Holdings is doing what it can to try and stay alive. The parent company of Sears and Kmart on Tuesday agreed to consider a revised takeover offer from chairman Eddie Lampert. This could prevent the 126-year-old department store operator from slipping into a graveyard that has swallowed up so many other retailers.
Jessica DiNapoli is on the on the story.>> He has offered to buy a large number of the stores, 400 or so, and keep 50,000 people employed. We believe that's the broad of the current deal that's on the table, keeping it from going out of business. Tomorrow, Lampert has to put down a $120 million dollar deposit to secure his bid.
And then on Monday, there will be an auction where Lampert's bid will be tested against other possible offers for the business.>> Before Lampert's new offer, Sears was ready to move forward with plans for a total liquidation auction on Monday. If the deal on the table works out, it could avoid one of the biggest bankruptcies ever to rock the retail world.
>> A couple of retailers have gone out of business completely. Toys R' Us did that, department store chain Bon-Ton has done that, and a bunch of other smaller retailers have done that. What Sears is trying to do is stay in business, under a new owner>> But turning around the former iconic brand won't be easy.
Sears and Kmart have suffered a decade of falling sales, hundreds of store closings, and years of deal-making under the tenure of Lampert, and improvement is nowhere in sight. Like others in the retail world, Sears has taken a hit as the cutthroat world of discounting, led by Walmart and Target, have given shoppers new options.
But the biggest blow has comes from online shopping. And a sign of the times, as Sears struggles on life support, Amazon has vaulted to become America's most valuable company on the stock market.