chain is facing liquidation as part of an ongoing bankruptcy process but now the head of the sears holding company has submitted a takeover bid worth more than five billion dollars in an eleventh hour bid to keep the company afloat company will consider the offer which could save around fifty thousand jobs during a bankruptcy auction next week. on two new with more corporate news because like a german car maker for its fee its chrysler has also fallen foul of u.s. authorities and the diesel emission scandal it's now due to pay more than five hundred fifteen million dollars in settlement the u.s. italian company is accused of using illegal softer more than one hundred thousand of its jeep cherokee s.u.v.s and ram pick ups it however denies any wrongdoing the settlement is a far cry from folks like the german automaker let's not forget has already paid more than twenty billion dollars in the u.s. alone while fewer chrysler says it will issue an emissions we call for the affected vehicles but will not offer to buy them back. to delhi correspondent my actuator has been following this story for us in w

store chain is facing liquidation as part of an ongoing bankruptcy process now the head of the sears holding company has submitted a takeover bid worth more than five billion dollars in an eleventh hour bid to keep the company afloat the company will consider the offer which would save around fifty thousand jobs during a back room see auction next week. and it's one of the most iconic buildings in the world's most famous skyline and had inscribed their building is for sale again ten years after a mere roddy investment firm acquired the art deco landmark for eight hundred million dollars the current price might be a bit lower according to experts despite having many fans the building is competing against a slew of much younger more modern buildings attract insolvent clients opened in one thousand nine hundred thirty and standing three hundred nineteen meters tall the chrysler building once was the world's tallest. it's all for business for now it's back to late for more yes and i stand by it it's the prettiest building in manhattan still are and we're have since force news for you police in spain hav

sears customers are mourning the decline of what was once an iconic retailer. >> anything i need i would come, you will see i won't come anymore if this close. >> parent company sears holdings which filed for bankruptcy in october is now considering a revised bid from the hedge fund run by its chairman and former ceo, it could keep 425 sears stores open, but sears has to accept that $4.4 billion bid which is now part of an auction running through january 14th. sears has suffered from declining mall traffic and a failure to generate enough online sales which some of its loyal customers reject. >> the a lot of people stealing packages, whether they know or know what is going to happen. >> right now sears employees 50,000 people. they've been in business for 126 years, in san bruno, anne makevec. >>> amazon became the most valuable public company in the united states, the first time the company has held that top position. amazon ended trading yesterday with a market capitalization of $797 billion. it passed microsoft which ended with a value of $784 billion. microsoft had held the top spot since november after beating out apple. apple finished at number 4 yesterday with $702 b

its parent company 'sears holdings" filed for bankruptcy in october.y was the deadline to accept a 4 point 4 billion dollar bid from the hedge fund run by its chairman and former ceo, eddie lampert. the bid called for keeping 425 stores open and offering jobs to 50,000 of its remaining employees. any word from sears on the status of the bid. lampert's hedge fund also declined to comment. a hearing is scheduled today in bankruptcy court. coming up on the kron 4 morning news... .. gavin newsom starts his first full day as our governor. we'll take a look back at his inauguration. don't miss the grand opening of the new floor & decor in burlingame. if you have never been to a floor & decor, you have to go to the grand opening. hardwoods, laminates, tile or stone. holy smokes, this place is huge! i'm on a budget and i was able to go to floor & decor and save a lot of money. you will be blown away by this experience. the pros come here, i come here. if you love your wallet, and you love your home, you have to go. floor & decor. now open in burlingame, 101 &

company of the past. >> reporter: sears holdings hasn't mad money in more than seven years. in 2011 sears holdings had more than 4,000 stores. around 700hen it filed for bankruptcy. lampert's bid aims to keep5 stores open. in its last full-year report, annual sales werend $17 billion, a far cry from its sales peakf $53 billion. sears stock hit a high of $144 per share in april, 2007. when it gotelisted in october, shares were just 37 cents. for retailers in malls, the are positives that could come from a sears total liquidation. retailers like home depot and we's have been picking up market share tha formerly went to sears. mape otors say when new tenants move int a former sears store, the rents paid are from four to nine times higher. for those with fond memories of sears and kart and f its 50,000 employees, there's still a little bit of hope for "nightly business report," i'm courtney reagan in hackensack, new >jersey. lso late today, j.c. penney gave an update on how it did holidays.e the retailer said that same-store sales dropped by 3.5% but it still expects to end the

sears will hold an auction for assets. they will then decide between lamperted office and that. >>> the company will show off a fully functional phone with foldable screen. it will be at an event in san francisco and london. it will be ready for mass pr sfering a mainly slide in phone sales last year. those are cnbc headlines, marcus an i lt ike i have one. i put it in my back pocket and it folds. probably not the best thing. >> the hinge. what happens when the hinge breaks? >> i don't know. frank, you get it first and you tell us all about it. >> thanks, frankie. 4:41, next on "today in the bay." the time line for bay area's next storm. >> right now in a break we're seeing patchy fog across parts of the bay area. here is a look in san jose at highway 101. as we head to sunnyvale in the upper 40s, enjoying the break with sunshine. we'll talk about what's ahead coming up next. >>> the san mateo bridge nicely across, westbound taillights. a clear view hel s.w you what e on the report. tank speaking of the sharks- check it out. >>> a nice live look outside, lights in downtown san jose. quarter to 5:00. >> speaking of the shark ta

company. >>> switching gears to retail news the sears-sags may finally come to a head today. the iconic american brand holdinguction for its assets now, it doesn't mean that all is lost there's a chance could quote rescue the company but, jan, what do you expect to happen to sears and its kmart stores >> well, brian, can you say equitable subordination. >> that's a legal term for the end. >> it's a legal term for saying eddy has an unfair advantage that's what they'll be arguing today. i don't know which way it will go, and nobody does. you and i both know we started this with 3,000 plus stores. at the end here, no matter whether eddy wins or doesn't win, there won't be many stores left over time, there probably won't be any stores left no matter who wins today. >> you think this is the end of sears and kmart as we know it, it seems like it's been the end for the whole time, hasn't it? it's been the slowest car wreck in history >> so what's going to happen, jan? listen, i understand we've seen big retailers that had big names like montgomery ward and others go away. but sears is the first real retailer, the f

to court early next month joining us now in a cnbc exclusive is former sears holding chairman and ceo alan lacey, led the company kmart and sold it to chairman eddie lampert nice to have you this morning, mr. lacey. >> nice to be here, thank you. >> you know, funny that i can remember being with you and mr. lampert on that day in question when i announced that deal there were some that would say it was inevitable that sears would find itself in this place regardless of what happened given the vast changes of the places that have taken place in the retail industry over the last 13 years. do you agree >> well, i -- i don't know that conigliaro is necessarily inevitable, and one of the principal reasons that i did in fact sell the company was that i had doubts about sears' ability to survive, stand along for the longer term. i mean we had a storied history and great assets during the time that i was ceo my management team did nom fantastic things in terms of improving customer service and merchandise offering we had the leading internet presence within bricks and mortar retail at that point. retail is a tough busin

sears holding. it's a sad day in this company's history.thank you for that we'll, of course, be following the story throughout the day becky. >>> trade talks taking place between the united states and china. they're hoping the two economies can reach a deal we welcome in steven roach steven is the author of "unbalanced condition co-dependancy between america and china. good to see you. >> good to see you, becky. >> what do you mean? >> they want to do a deal. they want them to go away. they're not going away you have industrial transfer and policy, all the stuff that they have assembled in a big case that's been put together by the trade representative robert lighthizer, a case that is based on flawed and faulty evidence. >> i don't know what flawed or faulty evidence you're talking about, but we have heard from business leader after business leader who's come on and said, look, it's not a level playing field, we can't do the things they do there. these are thinking that were supposed to roll off none of the progress has been made we've hea

eclipsing microsoft as most valuable public company on a day where we expect sears holdings to finallyiquidate >> look, i mean, we got irony on our side with amazon the problem with the doubling, i often find that when you say something is going to double, why not say it is tripling why not say it is going to quadruple? i like to think amazon, at 2000, maybe it can get back to 2000 if amazon web service is really, really strong. people come on air and say tesla will go to 5,000, amazon to 5,000, i blanch and i blanch because can we just say that it might go to 2,000 as a weigh station on the way to 3200 i don't want to get people so excited they get their head chopped off, the way people did when they bought amazon at 2,000. amazon is not sears. it is also not the greatest thing since stroehmann's sliced bread. >> got it. took me a minute thank you. >> oh, david david, it is called white bread. >> yeah. >> okay. you could have said wonder that one i know. >> you're right, but i'm from philadelphia >> i'm aware of that >> we mentioned sears, the iconic retailer, sources telling cnbc the

supervised auction of sears holdings announced that eddie lamb pert is the winning bidder in bankruptcy court. consummation of this would save 45,000 jobs at sears esl will acquire all companyssets, including go forward stores on a going teconcern bas. they have a date of february 1 to approve the sale, that's currently scheduled, but wow edd eddie lampert pulled another rabbit out of his hat. to button up the pentagon news, to fact check it, i believe the budget authority for national defense was actually larger in 2010 and 2011, so want to be sure the president gets the numbers right or at least we do. back to the discussion on netflix, henry, you saw this with the iphone x. price goes up. people say it is great i want to be sure investors don't necessarily get burned again, if in fact subscriber growth has slowed as netflix is raising prices, does that change the story line around what netflix is trying to do? >> i think there's a lot more pricing power to go. talking with victor, he thinks we're reaching a limit i can tell you in our household, there's more pricing power, use it all the time. netflix were to inch it up to $20 over times, seems reasonable relative to cab

sears stock is down and pg&e stocks is going down. we have the dollars and cents here. >> yeah, the holding company for sere social security $0.20 a share. pg&e down to $2 a share or 8 and a half percent and ongoing problems there reporting with pg&e coming back a bit. tech stocks are posting gain, and part of the reason is that there's optimism on the new trade talks with china. there's a lot of tech companies definitely relying on china and trade with the country. here is a live look at the big board in the new york stock exchange. the dow jones is up 55 points right now. the s&p 500, well it was hanging on to a gain, but it's now turning negative as i'm speaking to 2548. the nasdaq is down a third of a percent to 6797. we have just learned that tesla's second investor behind founder lon musk is larry. he has a state in the company. that was confirm in an sec filing this morning. larry ellison owns more than 3 million share in tesla. right now the stock trading is $329 a share. he joined the board of directors last night. the carnival crews line reversing the course. they're going to keep the free room service. last week they announce

is a company that's going to be around for a long time because they have created monopoly with the distribution. >> gary, gary -- >> hold on one second. my only question is this. they are like searsas when i was growing up. they are the be-all and end-all of retail. my question to the panel, can they maintain dominance for as long as sears did which is call it 67 years? >> it's not even dominance, gary. it's a valuation. think about the early 2000s. cis cisco, intel, microsoft, those were the big leaders for a decade. then they essentially took a decade off. the earnings did well, the companies were very profitable, but they didn't achieve the valuations that they had throughout the '90s. that's my fear about stocks like amazon. [ speaking simultaneously ] >> other companies have monopolies, though. >> you are using the word monopoly wrong. that's another discussion all together. but to put it bluntly, the thrill is gone when it comes to stocks like microsoft, like amazon. big cap tech will not lead the next bull market as it has the last. >> i would disagree with you only in that amazon continues to reinvent itself and continues to find marketplaces and industries where there ha

company running and business isn't good. debt piled up. totalling more than $11 billion in liabilities sears and kmart stores deteriorated over time not refreshed, remodeled wasn't uncommon to see empty shelves and sears holdingst made money in seven years. in 2011, more than 4,000 stores. around 700 when it filed for bankruptcy lam pert's bid aims to keep 425 of them and in the last full year report, annual sales of $17 billion. the stock high of $144 in april of 2007. when shares were delisted from the nasdaq in october, they were worth just 37 cents. now there is some silver lining for broader retail if sears does end up liquidating retailers like home depot and lowe's benefiting essentially from the donated share that sears has been giving in areas like appliances and then mall operators i talked to said when a sears store is closing and fill wit a new tenant or tenants, rents anywhere four and nine times higher and there are 10 some still linings it will be a sad day for 50,000 employees. but that day is not today. back to you. >> all right and the saga keeps going and going and going. thank you. >>> up next, boeing announcing record delivery numbers for 2018 we have the details when "the closing llrernbe