Sears to close 80 more stores, awaiting bids to stay in business

Eddie Lampert

That's in addition to the closure of 46 unprofitable stores that had already been announced on October 15.

Sears officials told employees it will begin liquidation sales at 43 Sears and 37 Kmart stores in two weeks.

A committee of Sears' other leading creditors has argued that the company should shut down the business, closing all the stores and liquidating its inventory and other assets. As part of the deal, ESL would also forgive $1.8 billion of debt that the retailer owes the hedge fund.

Sears could choose to extend the deadline it set to give potential bidders more time to finalize plans or secure financing.

Sears is closing 80 more stores, including two in IL, as it nears a deadline that could determine whether the bankrupt retailer lands a lifeline to save its business or is forced to begin shutting down.

Lampert and ESL have been trying to buy the rest of Sears for up to $4.6 billion in cash and stock.

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However, Lampert hasn't officially submitted a bid.

ESL said that should its bid be accepted, it expects the company to emerge from bankruptcy. Sears' corporate headquarters was not answering further questions, either.

The retailer, for years called Sears, Roebuck & Co. and famous for its massive catalog, boomed in the decades after World War II along with a growing middle class.

The company earlier announced the closing of 40 unprofitable stores by February.

The Associated Press reports the 80 stores are due to close by March. And among them is their Mall of America location.

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