Economy

Sears to close 80 more stores, awaiting bids to stay in business

Sears to close 80 more stores, awaiting bids to stay in business

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 persuaded three lenders to finance the $4.4 billion offer, according to a statement from ESL Investments.

Sears has had to close dozens of locations across the country after filing for bankruptcy.

The bid, valued at $4.4 billion, still needs to be approved.

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A management-level employee with Sumter's Kmart - who asked to not be identified by The Sumter Item - said Saturday morning that store employees were informed of the upcoming closing on Thursday. The closings affect two Sears stores in IL; a store in Fairview Heights, near St. Louis, and one in Cherry Valley, near Rockford, are among those to be closed. That's in addition to 182 stores already slated for closure, including 142 by the end of 2108 and 40 by February.

The Durham store closings are pieces of the struggling retailer's shrinking local footprint, which will leave the once-mighty department store giant with just one traditional store in the Triangle.

Without the financing or another buyer, Sears faces the prospect of closing its doors for good and putting roughly 68,000 people out of work.

The WestShore Plaza Sears is the only Tampa Bay location included in the list, which has six other Florida stores.

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

"Lampert and ESL have proven for years that they are the problem and they can't be the solution", Burt Flickinger, managing director of Strategic Resource Group, a retail-advisory firm, said in an interview before the disclosure.

Reaction to the news of Sears' imminent closure online Friday came with decidedly little shock from Wichitans.

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