Sears Closing 80 More Stores In March, Faces Possible Liquidation

Liquidation Alarm: Sears May Have Only 24 Hours Left

The only other bids Sears has received are from suitors interested in pieces of the company and liquidators prepared to run going-out-of-business sales at stores and shut down the retailer. The only public offer comes from the hedge fund controlled by Sears chairman Eddie Lampert, though it's not yet an official bid.

While Lampert has said he intends to make the bid, he has not formally filed one with the bankruptcy court. Whether Sears chairman Edward Lampert will formally toss his hat in the ring remains to be seen.

Representatives for Sears, based in Hoffman Estates, Illinois, and for Bank of America declined to comment.

The company said in its announcement that liquidation sales are expected to begin in two weeks and the stores will close in late March 2019.

In October, Sears Holdings, which owns Kmart stores, announced that it was filing for Chapter 11 bankruptcy reorganization in order to try and save the company.

The final decision on Lampert's bid will be made by the judge overseeing Sears.

Lampert's hedge fund, ESL Investments, had previously stated earlier this month it was willing to buy Sears in full with a $4.6 billion proposal. The company set Friday as a deadline for bids on its remaining stores in an attempt to avoid the closings.

Employees, the release said, were notified of the closures Thursday.

Sears stores in Novi and Muskegon will close in MI.

The company released a list of the closing Sears and Kmart locations online and released the following statement.

On Friday, the bell tolled for the Sears in Towne East Square, 7700 E. Kellogg - the last traditional Sears department store in Kansas.

Sears will also close its store in Oconomowoc.

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