Jan 7, 2019

Sears hires liquidator as fail-safe for takeover negotiations

Photo: Scott Varley/Digital First Media/Torrance Daily Breeze via Getty Images

Sears has hired liquidator Abacus Advisory Group to sell the retailer's inventory and other physical assets if takeover negotiations with chairman Eddie Lampert fail, Reuters reports.

The bottom line: While this isn't a final nail in the coffin for Lampert's $4.4 billion rescue effort, it does mean the gravediggers have been summoned. "The billionaire and Sears are racing to resolve the bid’s sticking points before a Tuesday court date after negotiations dragged well beyond a Friday deadline. ... The bid would preserve 425 Sears stores and up to 50,000 jobs across the United States. ... A liquidation would put roughly 68,000 people Sears now employs out of work," write Reuters' Jessica DiNapoli and Mike Spector.

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The race to catch Nike's Vaporfly shoe before the 2020 Olympics

Illustration: Aïda Amer/Axios

Four months ago, on the very same weekend, Eliud Kipchoge became the first human to run a marathon in under two hours, and fellow Kenyan Brigid Kosgei shattered the women's marathon record.

Why it matters: Kipchoge and Kosgei were both wearing Nike's controversial Vaporfly sneakers, which many believed would be banned because of the performance boost provided by a carbon-fiber plate in the midsole that acted as a spring and saved the runner energy.

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Reassessing the global impact of the coronavirus

Illustration: Aïda Amer/Axios

Economists are rethinking projections about the broader economic consequences of the coronavirus outbreak after a surge of diagnoses and deaths outside Asia and an announcement from a top CDC official that Americans should be prepared for the virus to spread here.

What's happening: The coronavirus quickly went from an also-ran concern to the most talked-about issue at the National Association for Business Economics policy conference in Washington, D.C.

Tech can't remember what to do in a down market

Illustration: Rebecca Zisser/Axios

Wall Street's two-day-old coronavirus crash is a wakeup alarm for Silicon Valley.

The big picture: Tech has been booming for so long the industry barely remembers what a down market feels like — and most companies are ill-prepared for one.