Towne East Sears closing in March

Marcus Newton
December 29, 2018

Store employees were notified of the closings on Thursday, the company said.

Sears Holdings (OTCPK:SHLDQ) will likely liquidate if no bid comes in for the 125-year-old department store chain on Friday, CNBC reports.

In the spring, Sears Holdings plans to close 80 additional Sears and Kmart locations around the country including its Fairview Heights store.

Sears is closing 80 more stores as it teeters on the brink of liquidation.

As recently as 2012 the company operated 4,000 Sears and Kmart stores.

These closures are in addition to the previously announced closure of 40 unprofitable stores expected to be completed in February, the release says.

The Wellsville location at 121 Bolivar Road is on the list, as is New York Kmarts in Horseheads, Greenwich and Queensbury.

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Chairman Edward Lampert and his hedge fund, ESL Investments, outlined a plan earlier this month to buy up the rest of Sears for up to $US4.6 billion in cash and stock. Sears declined to comment.

Lampert has to make his bid official by the end of the day.

Minnesota stores include the three-level location at the Mall of America, which was not originally on the list of stores closing.

Once the nation's biggest retailer, Sears was also its first "everything store", stocking items from jewelry to clothing, from hardware to prefabricated homes.

Friday is the deadline for potential buyers to submit a bid for the company's assets.

Sears, which employs about 68,000 workers, filed for Chapter 11 in October and wants to sell 500 of its remaining stores.

Some creditors he asked to support his offer have called his efforts to keep Sears alive a "foolhardy gamble with other people's money", according to court filings.

Other reports by MaliBehiribAe

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