Afternoon Coffee: Sears Running Out of Time Before Liquidation; Stocks on Track for Worst Year Since 2008

AdobeStock/Ivan Kruk

Sears faces a bankruptcy deadline today for bids to save the 125-year-old retail legend. Its chairman, Eddie Lampert, has reportedly planned to make a $4.6 billion bid, but that offer hadn’t materialized as the clock ticks on the Friday deadline, CNBC reports. Sears filed for bankruptcy in October. Without a bid, liquidators would break up the company, which employs about 68,000 workers.

Stocks Down After 2 Up Days

Volatile trading sent stocks lower Friday as tech companies and energy shares drag down the market, along with sluggish home sales, the Associated Press reports. “The market, which is coming off a two-day winning streak, is on track for its worst year since 2008,” AP reports

Shutdown Update: EPA, Smithsonian Hurting

On the seventh day of the partial U.S. government shutdown, agencies are running out of money and closing up, Bloomberg News reports. The Environmental Protection Agency has 14,000 workers facing furlough at midnight, and the Smithsonian has only enough money to stay open through Wednesday, Bloomberg reports.

See You in 2019

Spend Matters wishes all of our readers a safe and prosperous 2019. Afternoon Coffee will be on a break until Jan. 2. Happy New Year!

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