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Photo: Roberto Machado Noa/LightRocket via Getty Images

Sears CEO Eddie Lampert is suggesting a last-ditch effort to prevent a bankruptcy for the embattled department store chain, according to a proposal by major shareholder ESL Partners, Lampert's hedge fund.

Why it matters: A debt payment is looming, and Sears is tight on cash. Lampert, whose hedge fund also owns Sears's debt, has a lot on the line should Sears go bankrupt.

The details of the proposal:

  • Sell off $1.75 billion in assets (including Sears Home Services and Kenmore).
  • Offload $1.5 billion worth of real estate.
  • Ask lenders to swap loans for equity stakes.
  • If approved by the board, the plan would cut Sears's $5 billion debt load to about $1.2 billion.

Go deeper: The cannibal of Sears.

Go deeper

Erica Pandey, author of @Work
1 hour ago - World

Remote work shakes up geopolitics

Illustration: Eniola Odetunde/Axios

The global adoption of remote work may leave the rising powers in the East behind.

The big picture: Despite India's and China's economic might, these countries have far fewer remote jobs than the U.S. or Europe. That's affecting the emerging economies' resilience amid the pandemic.

Trump gives Biden access to presidential intelligence briefings

Photo: Mark Makela/Getty Images

The Trump White House on Tuesday gave President-elect Biden access to daily presidential intelligence briefings, a source familiar with the matter tells Axios.

Why it matters: Trump has refused to share the briefs until now, as he continues to challenge the result of the election and declines to concede. The president's acquiescence comes as another sign that the transition to a Biden administration is taking place.

AOC and Ilhan Omar want to block Biden’s former chief of staff

Reps. Ilhan Omar and Alexandria Ocasio-Cortez. Photo: Brendan Smialowski/Getty Images

Reps. Alexandria Ocasio-Cortez and Ilhan Omar are boosting a petition against Joe Biden nominating his former chief of staff to a new role in his administration, calling Bruce Reed a "deficit hawk” and criticizing his past support for Social Security and Medicare cuts.

Why it matters: Progressives are mounting their pressure campaign after the president-elect did not include any of their favored candidates in his first slate of Cabinet nominees, and they are serious about installing some of their allies, blocking anyone who doesn't pass their smell test — and making noise if they are not heard.