The retailer started laying the groundwork for a liquidation after meetings Friday in which its advisers weighed the merits of a $4.4 billion bid by Lampert's hedge fund to buy Sears as a going concern, said the people, who asked not to be identified because the discussions are private. If the 125-year-old retailer does die in bankruptcy — like Toys R Us in 2018, and Borders Group in 2011 — it would mark the largest fatality yet in the retail apocalypse prompted by a shift to online shopping.