Sears at Towne East one of 80 stores closing nationwide

Sears at Towne East one of 80 stores closing nationwide

Sears at Towne East one of 80 stores closing nationwide

Sears has announced another round of store closures that will happen at the end of the first quarter next year.

Sears Holdings, the parent company of both Sears and Kmart, filed for Chapter 11 bankruptcy protection in mid-October.

A Sears store in Sioux City, Iowa, is also among those being closed.

Lampert persuaded three lenders to finance the $4.4 billion offer, according to a statement from ESL Investments. The Santa Barbara Sears store closure added up to another 72 jobs.

The closings comprise 43 Sears and 37 Kmart stores, the two brands operated by Sears Holdings.

Sears CEO Edward Lampert left and former Sears CEO Alan Lacy

Sears Chairman Eddie Lampert made a $4.6 billion offer to buy the US retailer earlier this month, which called for about 500 Sears stores to remain open. If he manages to submit the bid by 4 p.m. Friday, Sears' advisors will have a week to determine if he is a "qualified bidder". The final decision on Lampert's bid will be made by the judge overseeing Sears. The company says this is part of a transformation and financial restructuring.

To save the company, they will be closing 80 stores, including the Kmart in Grand Forks.

Meanwhile, Sears continues to operate a store at the Santa Maria Town Center mall, although the future of the company could put that location in peril.

Failing a successful purchase bid, Sears is facing the possibility of liquidation, ending the company's 125-year run as one of the country's best-known retailers. There are smaller Sears Hometown stores in many Minnesota communities.

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