Sears at Towne East one of 80 stores closing nationwide

Sears at Towne East one of 80 stores closing nationwide

According to a Chicago Tribune report, Hoffman Estates-based Sears Holdings Corp. notified workers at the closing Sears and Kmart stores.

The deadline to buy Sears Holdings out of Chapter 11 Bankruptcy is at 3 p.m. Friday. Liquidation sales at the stores should begin in two weeks, Sears said. The Sears Auto Centers at these stores will also close.

That's in addition to 182 stores already slated for closure, including 142 by the end of 2108 and 40 by February. The include two Sears stores in Novi and Muskegon, but no Kmart stores in MI. With its closure in March, there will be no more full-line Sears department stores left in Minnesota.

Most of the 80 stores will shut down by late March. The only public offer comes from the hedge fund controlled by Sears chairman Eddie Lampert, though it's not yet an official bid.

Lampert proposed to put in relatively little additional cash of his own as part of his planned bid, instead offering to forgive some of the money he is owed and then having the new version of Sears borrow money.

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It's unusual to see ESL's bid come down to the wire, since Lampert "knows the business better than anyone", said Craig Barbarosh, a partner at law firm Katten Muchin Rosenman who is not involved with the Sears case.

Sears has told a bankruptcy court it has received several bids. The company informed associates at 80 stores nation wide of closing.

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

If Lampert secures a bid, it would save all of Sears' remaining assets, but some creditors have said they would prefer to liquidate the company.

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