Sears to close 80 more stores, full liquidation possible as deadline looms

News comes on last day to bid on retailer in bankruptcy

National /
Dec.December 28, 2018 02:30 PM

Chairman of Sears Edward Lampert (Credit: Getty Images and iStock)

Sears Holdings plans to close 80 more stores nationwide in March as it teeters on the brink of full liquidation.

News of the latest closures comes on the last day for parties to make a bid on the 125-year-old retailer in bankruptcy before liquidators break up the company altogether, according to CNBC. The latest round will affect seven Sears or Kmart stores in Florida, five in California, five in New York, two in Illinois and one in New Jersey, according to CNBC.

Hoffman Estates-based Sears filed for bankruptcy in October, saying it planned to close 142 stores around the end of the year. It announced the closure of 40 more stores in November, and told employees Thursday about the 80 additional stores set to be shuttered.

Sears chairman, Eddie Lampert, has been trying to buy the retailer out of bankruptcy through his hedge fund, ESL Investments, but as of Thursday neither he nor any other party had formally submitted a bid.

The company has been unable to compete with retailers like Walmart and Target, and has buckled under the continued growth of e-commerce sites. [CNBC] — John O’Brien


Related Articles

arrow_forward_ios
Sterling Bay CEO Andy Gloor and Prudential Plaza (Getty)
Sterling Bay sues Tribune over $5M in skipped rent
Sterling Bay sues Tribune over $5M in skipped rent
Berkadia CEO Justin Wheeler with Moran & Co.'s Tom Moran (Getty)
Berkadia picks up longtime multifamily brokerage
Berkadia picks up longtime multifamily brokerage
The owner of Johnny’s IceHouse East wants to sell the 50,000-square-foot building. (Johnny's IceHouse via Facebook, iStock)
No more ice ice, baby: Indoor skating rink hits market as redevelopment opportunity
No more ice ice, baby: Indoor skating rink hits market as redevelopment opportunity
110 North Carpenter Street and 333 South Wabash Avenue (Sterling Bay, Shvo)
Here are Chicago’s 10 biggest investment sales of 2020
Here are Chicago’s 10 biggest investment sales of 2020
TTX Company CEO Thomas Wells and 101 North Wacker Drive (Google Maps)
Off the rails: Freight train provider lists West Loop HQ for sublease
Off the rails: Freight train provider lists West Loop HQ for sublease
2430 North Halsted Street and Harrison Street's Christopher Merrill (Sterling Bay; Harrison Street)
Harrison Street raises $720M for life sciences real estate fund
Harrison Street raises $720M for life sciences real estate fund
JDL Development's CRP James D. Letchinger and Halsted Flats (Getty, Halsted Flats, JDL Corp)
Luxury building near Wrigley Field hits market for $125M
Luxury building near Wrigley Field hits market for $125M
Roger Romanelli and Mayor Lori Lightfoot (Fulton Market Association, Getty, iStock)
Restaurant coalition to Lightfoot: Reopen indoor dining
Restaurant coalition to Lightfoot: Reopen indoor dining
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...