Sears expected to announce liquidation plans despite offer from CEO

Despite a last-ditch effort by former Sears CEO Eddie Lampert to buy out the company, Fox Business reports that century-plus-old department store is expected to announce liquidation plans.

Fox Business says the news of the liquidation was first reported by CNBC and Reuters on Tuesday after sources told the outlets that Lampert's $4.4 billion takeover bid failed to woo Sears' advisers.

Lampert's hedge fund ESL Investments submitted its offer last Friday, hours before the deadline, but advisers reportedly found the offer insufficient.

Kmart, which had filed for bankruptcy in 2003, merged with Sears in 2005. Sears filed for bankruptcy in October, after years of trying to stay afloat. CNN Business reports Kmart and Sears closed about 2,800 stores over the past 13 years.

Growing competitors like Target and Walmart, along with several are said to have cut into the company's profits.

In December, the company announced that 80 stores are expected to close by March, in addition to 182 stores already slated for closure.