Chapter 7 is definitely still on the table. Eddies bidding along with the liquidators. If his bid is higher than the liquidators, sears lives on, assuming he can change the relationship with all the vendors about to get screwed in the process (and the bankruptcy court thinks that is likely as they will not want to see this again). If the liquidators bid even $1 more than Eddie, it’s over. Most lose their jobs immediately as the liquidator will only keeep essential employees to the end (To keep the lights on and NOTHING more while they take over every other aspect of running Sears day to day).
Reposted from @WVdYdvP-fqq