Retail giant Sears has asked a US bankruptcy judge to liquidate its assets after a last-minute bid by Chairman Eddie Lampert failed, reports Reuters. The liquidation will affect approximately 50,000 employees and 425 stores. 

Sears Holdings rejected Lampert's $4.6 billion package backed by Bank of America, Citigroup and the Royal Bank of Canada. The three institutions offered to provide a $950 million basset-backed loan and $350 million revolving line of credit to back Lampert's bid.

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