Sears, Facing Liquidation, Says It Will Close 80 More Stories
29 December, 2018, 03:12 | Author: Shawna Walton
The company said the latest list of closures are "part of Sears Holdings' processes to accelerate its strategic transformation and facilitate its financial restructuring". The Sears Auto Center at both stores will also close. Sears Holding is the parent company of Sears and Kmart.
The 130-year old retailer set a deadline of Friday for bids for its remaining stores to avert closing down completely, the Associated Press reported. And it comes as it's lacking support from many vendors who have been reluctant to work with Sears as they fear they won't get paid. Liquidation sales at these stores are expected to begin in two weeks.
Most of the 80 stores will shut down by late March. And Kmart on Pass Road in Gulfport closed years ago. Including the closings after the bankruptcy filing, Sears would have just over 500 functioning locations left.
That's in addition to 182 stores already slated for closure, including 142 by the end of 2108 and 40 by February.
Sears was one of the four flagship stores at the Mall of America when it opened in August 1992. Sears' chairman, Eddie Lampert, has been trying to buy the company out of bankruptcy through his hedge fund, ESL Investments.
But no official bid appeared to have emerged as of 4 p.m. Friday. If he doesn't, and Sears has no other bids, the company can do one of two things: liquidate its assets, which could take months to complete, or extend the deadline.
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