Sears narrowly avoids liquidation — for now

Sears was at least briefly saved from liquidation Friday by a $4.4 billion bid from a hedge fund, ESL Investments, belonging to the iconic American department store's chair, Eddie Lampert. The last-minute proposal would "offer employment to up to 50,000" of Sears' 68,000 employees, depending on "further actions the company may take between now and closing."

Sears filed for bankruptcy in October, announcing the closure of 142 out of around 700 stores. It has since announced another 120 store closures, 80 of them on Friday.

The success or failure of Lampert's bid will be announced in January. Sears has been in business since 1893 and was once the United States' largest retailer.

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