Sears at WestShore Plaza closing in January

Sears at WestShore Plaza closing in January

The Sears Auto Center at the mall is also expected to close in late January.

Sears Holdings, the parent company of both Sears and Kmart, filed for Chapter 11 bankruptcy protection in mid-October. He said he meant to bid $4.6 billion for 500 stores and other operating assets, including the Kenmore appliance brand. 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.

Sears plans to close 80 more stores across the U.S.in March, as the bankrupt retailer may be forced to liquidate its business entirely, CNBC has learned.

Though the bid's full structure was not immediately determined, if it is similar to a $4.6 billion proposal outlined earlier this month, it could face criticism from the company's unsecured creditors, who took issue with financing stemming from $1.8 billion in debt Lampert would forgive in a so-called "credit bid".

Sears received two liquidation bids, the Wall Street Journal reported, citing people familiar with the matter.

The company has set a deadline of the end of business today for a buyer to step in and purchase about 500 stores and its Kenmore appliance brand.

More news: Herbert Announces He Will Return To Oregon For Senior Year

"Our bid reflects our firm belief that there is a future for Sears as a smaller, less indebted retailer", he said.

Liquidation sales are expected to begin in two weeks, according to a news release from Sears.

The iconic retailer, once the nation's largest department store chain, faced a deadline of Friday for bids for its remaining stores to avert closing down completely.

The company had almost 700 stores at the time of its bankruptcy filing.

ESL said that should its bid be accepted, it expects the company to emerge from bankruptcy.

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

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