Sears closing 80 more stores in March, facing possible liquidation

Liquidation Alarm: Sears May Have Only 24 Hours Left

A committee of other creditors, including vendors and landlords, has proposed that Sears instead move forward with plans to shut down the business, closing all the stores and liquidating its inventory and other assets.

Lampert submitted the $4.4 billion offer Friday through Transform Holdco, an affiliate of his hedge fund, ESL Investments, just before a 4 p.m. deadline Friday, CNBC first reported.

Sears, which employs more than 68,000 people, filed for bankruptcy on October 15. "Even with an approved bid, the company is heading for another iceberg and will sink before the winter weather is gone".

Sears CEO Edward Lampert left and former Sears CEO Alan Lacy
Sears Bankruptcy Update: Chairman Looks To Save The Retailer From Liquidation In Final Hours

The stores set to close early next year consist of 43 Sears and 37 Kmart stores, including Kmart stores in Queensbury, Horseheads, Wellsville and Greenwich, N.Y. This location is one of 80 Sears stores to close across the country.

At the time of its bankruptcy filing, Sears also announced it was closing another 142 stores, the latest in a wave of closings of unprofitable stores, in hopes of stopping the flow of red ink.

The store at 2875 Santa Maria Way was included among 86 sites planned for closure by March, on a list submitted as part of Sears Holdings Corporation's ongoing Chapter 11 bankruptcy proceedings and financial restructuring plan submitted to the U.S. Bankruptcy Court.

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ESL said that should the $4.4 billion bid be accepted, 'we expect that the company that emerges from bankruptcy would offer employment to up to 50,000 associates'.

Two Central Texas Sears will be closing by Spring.

Liquidation sales are expected to begin in two weeks, according to a news release from Sears.

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It's not clear how many jobs will be lost when the Santa Maria Kmart store shuts down.

Lampert bought Sears and merged it with Kmart in 2005 to form Sears Holdings.

However, that could change if Sears decides to push back the deadline.

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