Sears appears to be heading to liquidation

Once again I have to remind everyone that in 2010 failed Illinois governor Pat Quinn gave Sears Holdings a hefty tax break to keep its headquarters in the Chicago area.

It appears it won't matter anymore.

From Fortune:

Sears Holdings Corp. is preparing to potentially wind down the iconic retailer after Chairman Eddie Lampert's bid to buy several hundred stores out of bankruptcy fell short of bankers' qualifications, people with knowledge of the matter said.

The retailer started laying the groundwork for a liquidation after meetings Friday in which its advisers weighed the merits of a $4.4 billion bid by Lampert's hedge fund to buy Sears as a going concern, said the people, who asked not to be identified because the discussions are private. If the 125-year-old retailer does die in bankruptcy — like Toys “R” Us in 2018, and Borders Group Inc. in 2011 — it would mark the largest fatality yet in the retail apocalypse prompted by a shift to online shopping.