Sears to close 80 more stores as bankruptcy deadline nears

Liquidation Alarm: Sears May Have Only 24 Hours Left

Sears faces critical deadline, will it survive?

Sears Chairman Eddie Lampert's hedge fund said it submitted a last-minute bid Friday valued at $4.4 billion to keep the struggling retailer from being liquidated.

Sears is nearing a crucial deadline that could determine whether it survives.

Any bid to purchase it must be approved by a bankruptcy court.

A USA bankruptcy court judge must approve any sale of Sears.

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

The store is on the list of 80 more Sears and Kmart stores scheduled to close in late March 2019.

As the deadline looms for Lampert to submit his offer, Sears advisors only have until January 4, to make the decision on whether he is a "qualified bidder". The closures are part of the company's effort "to accelerate its strategic transformation and facilitate its financial restructuring". Washington Prime Group, the group that owns the Sears location, told the Tampa Bay Times in October that it was ending its Sears lease early and will put something new in the space. The plan includes keeping 425 stores open and a $1.3 billion financing commitment, the statement said.

The once-dominant retailer filed for bankruptcy in October, and Lampert was seeking nearly $1 billion to support his rescue effort.

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In a bankruptcy court hearing last week, Sears' attorneys said it is considering bidders for its assets who would shut down the company.

Two Central Texas Sears will be closing by Spring.

It's not clear how many jobs will be lost when the Santa Maria Kmart store shuts down. The Columbus store is not on the Sears Holdings list of those to be closed.

Sears will also close its store in Oconomowoc.

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