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

News comes on last day to bid on retailer in bankruptcy

TRD 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

Marijuana REIT has crafty legal strategy in Illinois, Rockford mayor favors $310M casino pitch: Daily digest

Blackhawk flips condo at No. 9 Walton, Arena begins new life at Planning Department: Daily digest

Chicago is runner-up for very grim mortgage award, hotel market chugs along: Daily digest

Brixmor Property Group CEO & President James M. Taylor Jr. and Core Acquisitions Managing Principal Adam Firsel (Credit: iStock)

Retail junkie Core Acquisitions picks up sprawling shopping center for $21M — Portillo’s included

PepsiCo CEO Ramon Laguarta and WeWork CEO Adam Neumann with the Old Post Office (Credit: Getty Images)

Space race: WeWork, PepsiCo may take a combined 320K sf at 601W Companies’ Old Post Office

Chicago’s top 5 retail contractors built over 357,000 square feet of new commercial develop from May 2018 to June 2019. (Credit: iStock)

These are Chicago’s top general contracting firms for retail

Chicago casino operator probably won’t make much money, Tishman Speyer poaches JLL broker: Daily digest

A future casino in Chicago just got more complicated, the FBI gathers evidence at Jeffrey Epstein’s private island of Little St. James: Daily digest

arrow_forward_ios