Sears at Charlottesville Fashion Square to Close

Sears may be down to its last 24 hours

After 125 Years, Sears Has Just Hours To Avoid 'Liquidation'

The iconic but now bankrupt chain announced Friday it was closing 80 more Sears and Kmart stores.

The store, located at 1000 N. San Fernando Road, is scheduled to close in late March.

Sears associates were told December 27 and liquidation sales are expected to begin in two weeks.

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The list was announced Friday afternoon as the deadline for bids to keep the company out of Chapter 11 bankruptcy drew near at 4 p.m.

Transform Holdco LLC, an affiliate of Lampert's ESL Investments hedge fund, said it hoped to keep 425 stores open and 50,000 people working. He remains the company's chairman, and his hedge fund, ESL Investments, remains one of its biggest creditors.

News of the closures came hours ahead of a deadline for parties interested in acquiring the retailer's assets to submit bids, according to a timeline approved by the Bankruptcy Court. "Customers can use the store locator function on our web sites to find the location of their nearest Kmart and Sears stores". Bank representatives either had no immediate comment or did not immediately respond to requests for comment. That figure was added to an initial $300 million put up by banks when Sears filed for bankruptcy protection, giving it a total of $650 million in financing to stay afloat.

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Some of Lampert's bid relies on $1.8 billion of Sears debt that ESL already holds and plans to forgive to back the offer, the sources said.

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

Sears will also close its store in Oconomowoc.

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