(CBS MoneyWatch) -- The end may be near for Sears.
The venerable department store chain declared bankruptcy in October, citing more than $11 billion in debts.
The company said it would try to reorganize and stay open.
A report in Bloomberg says that's becoming unlikely.
It said lenders will probably reject a $4.4 billion offer from sears CEO Eddie Lampert.
If that happens, the company is expected to begin liquidation proceedings.
A hearing on the matter is scheduled for Tuesday, January 8th.