The Real Deal Chicago

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

News comes on last day to bid on retailer in bankruptcy
December 28, 2018 02:30PM

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