Economy

Jackson Sears location to close in March

Jackson Sears location to close in March

In a statement released today by Sears Holdings.

Altogether, Sears has announced plans to close more than 260 of its 700 or so stores- or more than a third of its locations- since filing for bankruptcy earlier this year.

The closings come on top of 40 other store closures Sears expects to complete in February.

Workers were told this week that liquidation sales are expected to start at the affected locations in two weeks, CNBC reports.

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Sears Chairman Eddie Lampert made a $4.6 billion offer to buy the USA retailer earlier this month, which called for about 500 Sears stores to remain open.

Earlier this year, Sears closed 182 stores across the country. Instead, he wants to forgive about $1.8 billion of the debt he holds from Sears.

A hedge fund controlled by Sears chairman Eddie Lampert is offering $4.6 billion.

All bids must be submitted to by Friday at 4 p.m. ET.

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Sears did not immediately respond to Fortune's request for comment. In November, Bloomingdale's announced it was moving into high-end appliances by adding LG refrigerators, dishwashers, and more to its online store and, as a test during the holiday season, the New York City flagship.

Lampert has until Friday afternoon to make that bid official. But he also needed cash, and some lenders have balked because Sears has been losing money for years, and suppliers are concerned they might not get paid for goods that they ship to restock stores.

It also meant keeping Sears alive through complex investments from ESL.

Sears filed for bankruptcy on October 15, and has previously announced more than 180 store closures.

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