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Sears closing 80 more stores -- 2 in MI

29 December, 2018, 03:11 | Author: Kristi Dunn
  • Sears facing liquidation says it will close 80 more stores

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

The company filed for Chapter 11 bankruptcy protection in October, saying at the time it would close more than 20 percent of all stores, keeping open only its 500 most profitable locations. The accompanying Sears Auto Center at these Sears stores will also be closing.

All bids must be submitted to by Friday at 4 p.m. ET.

Sears has suffered for years, as USA consumers increasingly turned their backs on brick-and-mortar stores.

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

Sears is not indicating how many employees are affected by the closure.

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Robin Lewis, a New York-based retail consultant, questioned whether Lampert is honestly trying to save the business and bring it out of business.

The iconic retailer, once the nation's largest department store chain, set a deadline of Friday for bids for its remaining stores to avert closing down completely.

Liquidation is expected to begin in January. Lampert and his hedge fund, ESL Investments Inc., also didn't respond to messages. Now, 40 additional stores will be shut down.

While Lampert has said he intends to make the bid, he has not formally filed one with the bankruptcy court.

You can find the complete list of locations slated for liquidation below.

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