The retail sector is losing an icon. 

Sears (SHLD) filed for bankruptcy in Oct. 2018. The company made headlines again Jan. 7 when it was reported that it planned to liquidate rather than accept a $4.4 billion bid from former CEO Eddie Lampert's hedge fund. 

Lampert's fund has until 4 p.m. ET Wednesday, Jan. 9 to improve its bid and agree on terms with Sears. 

"Lampert's offer will include a $120 million cash deposit, $17.9 million of which is non-refundable, Sears lawyer Ray C. Schrock said during a hearing before Drain in suburban New York," reported TheStreet's Tony Owusu.

"I think the retail expectations were tapped down quite a bit. There was a lot of fear out there that Amazon was everywhere and everything," said Tim Anderson, managing director at TJM Investments. "As it turns out, overall, retailers had a very good holiday season. Now, it's a brutal space and if you miss, you get punished badly."

"I think the Sears news, other than it's a big, iconic name for generations...the company has been dead for years. Let's be realistic. The good news is that you can still get Craftsman (SWK - Get Report) tools either at Lowe's (LOW - Get Report) or Ace Hardware," Anderson said.