The plan to seek higher bids for SHIP got sunk.
https://www.bizjournals.com/chicago/news/2018/12/14/sears-home-improvement-auction-canceled-due-to.html
3 replies (most recent on top)
Boohoo!
@gmw - Yes, but that was not the objective of the plan. The sale in January will be to the lowest and original, "stalking horse," bidder. The plan was that the original bid would only be the starting point of an intense bidding war that would unlock the true value of SHIP. The reality is that there were no other parties that believed that SHIP was worth a penny more than $60 million. This turn of events does not bode well for any future auctions of SHLD assets.
The sale will go thru in Jan as the article states.