Sears Holdings Corp.  (SHLDQ) advisers are reportedly facing a Friday deadline to decide whether the $4.4 billion offer made by the company's chairman, Eddie Lampert, is viable.

The offer, which is the only plan that would preserve Sears as a whole, would still leave the company administratively insolvent, CNBC reported.

In the event that the company's advisers decide against Lampert's plan, the bankrupt retailer, which employs 68,000, could face rapid liquidation according to the report.

A status hearing in the bankruptcy case is set for Jan. 8.