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) tools either at Lowe's (LOW) or Ace Hardware," Anderson said.