Sears announces more store closures, including Mall of America location

Seth Wenig  Associated Press
Seth Wenig Associated Press

30 December, 2018

Liquidation sales at the stores are expected to begin in two weeks.

A hedge fund controlled by Sears chairman Eddie Lampert is offering $4.6 billion.

Should Sears not find the investment it needs, the company could be forced to liquidate some assets.

ESL said that should its bid be accepted, it expects the company to emerge from bankruptcy.

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

Representatives for Sears, based in Hoffman Estates, Illinois, and for Bank of America declined to comment.

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Fostoria's Kmart, at 620 Plaza Drive, will be closing in late March, along with 36 others across the country, its parent corporation, Sears Holdings reported. It closed 142 unprofitable stores at the same time, and then in November announced the closure of 40 additional stores, according to the news outlet. The iconic American retailer has filed for Chapter 11 protection from creditors early on Monday, listing more than $10 billion in debts and more than $1 billion in assets.

The 130-year old retailer set a deadline of Friday for bids for its remaining stores to avert closing down completely.

Sears will now evaluate the bid to determine whether it is viable, and there remains a possibility the company could reject it, some of the sources said. Sears' corporate headquarters was not answering further questions, either.

Without the financing or another buyer, Sears faces the prospect of closing its doors for good and putting roughly 68,000 people out of work.

The Kmart in Rapid City failed to survive the latest round of Sears Holdings.

On Friday, the bell tolled for the Sears in Towne East Square, 7700 E. Kellogg - the last traditional Sears department store in Kansas.

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