Sears to close 80 more stores as bankruptcy deadline nears

Sears to close 80 more stores as bankruptcy deadline nears

Sears to close 80 more stores as bankruptcy deadline nears

Lampert had a plan to save Sears by combining it with Kmart, which ESL bought out of bankruptcy after the discount store's 2002 bankruptcy filing.

On the new list of stores to close are the Sears location at Westshore Plaza and the store at 9409 US 19 in Port Richey, as well as the Kmart store on Highway 301 in Ellenton.

If Lampert secures a bid by tomorrow, the deal would save all of Sears' assets, including 500 stores and allow 50,000 of the company's employees to keep their job.

Workers were told this week that liquidation sales are expected to start at the affected locations in two weeks, CNBC reports. Rushmore Mall lost Sears as an anchor store in April.

The 80 stores - comprised of 43 Sears and 37 Kmarts - are due to close by March.

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Last week, for example, U.S. Bankruptcy Court Judge Robert Drain allowed the beleaguered retailer to sell its home-improvement service business to Service.com for $60 million.

The list was announced Friday afternoon as the deadline for bids to keep the company out of Chapter 11 bankruptcy drew near at 4 p.m. Sears faces a self-imposed deadline of 4 pm ET on Friday for bids. That's in addition to the closure of 46 unprofitable stores that had already been announced on October 15. The only public offer comes from the hedge fund controlled by Sears chairman Eddie Lampert, though it's not yet an official bid.

It's unclear how many are employed by Sears in the Tri-Cities.

Once the nation's biggest retailer, Sears was also its first "everything store", stocking items from jewelry to clothing, from hardware to prefabricated homes.

A spokesperson for ESL Investments declined to comment to Business Insider.

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