Eddie Lampert had promised to pay $43 million to former workers.
The bankrupt retailer's "hand has not changed and the cards it holds are not winning ones," an analyst says.
Eddie Lampert says the retailer must act "without delay" to address “significant near-term liquidity constraints."
The proposed sale to CEO Eddie Lampert's hedge fund would further his goal of making Sears an "asset light" business.
The new influx in credit will help Sears stay afloat until future real estate deals provide more cash to pay down outstanding debts.
