Is it near the end for Sears?

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(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.