Sears could be forced to start the process of shutting down as soon as Tuesday if it doesn't accept the only bid to save it.
Parent company Sears Holdings, which filed for bankruptcy in October, had a deadline of this past Friday to accept a $4.4 billion bid from the hedge fund run by its chairman and former CEO, Eddie Lampert. The bid called for keeping 425 stores open and offering jobs to 50,000 of its remaining employees.
But the deadline passed without any word from Sears on the status of the bid.
A hearing is scheduled for Tuesday in bankruptcy court.
If Sears doesn't accept Lampert's bid as a valid offer, it likely will have to ask the court for permission to start shutting down the business.