Salisbury Sears store to close its doors in March - 47abc

Salisbury Sears store to close its doors in March - 47abc

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

He'll also have to persuade suppliers to keep restocking the shelves, despite their concerns that they won't get paid, and lure back shoppers from online outlets and brick-and-mortar rivals with better financing.

Representatives for Sears, based in Hoffman Estates, Illinois, and for Bank of America declined to comment.

On Thursday, CNBC reported that the company may be forced to liquidate Friday if its chairman Eddie Lambert is unable to buy the company out of bankruptcy for $4.6 billion through his hedge fund ESL Investments. Since then, it has announced other rounds of multiple closings.

Sears' advisers have until January 4 to decide whether ESL is a "qualified bidder" to take part in the January 14 auction against liquidation bids.

ESL said that should the $4.4 billion bid be accepted, 'we expect that the company that emerges from bankruptcy would offer employment to up to 50,000 associates'. The closings comprise 43 Sears and 37 Kmart stores, the two brands operated by Sears Holdings.

More news: Floyd Mayweather Reacts To Knocking Out Tenshin In Round 1

Sears has only a day to be revived. Both stories quote anonymous inside sources, and none of the parties to the proceeding are making any public statements for now.

Lampert has until Friday afternoon to make that bid official. And there are other liquidation bidders seeking to sell the company for scrap. That figure was added to an initial $300 million put up by banks when Sears filed for bankruptcy protection, giving it a total of $650 million in financing to stay afloat.

Sears Holdings Corp. announced Friday that it will close its Kmart store in Burbank - one of 80 closures nationwide - as the IL retailer faces impending bankruptcy.

Sears dates back to the late 1880s.

The retailer, for years called Sears, Roebuck & Co. and famous for its massive catalogue, boomed in the decades after World War II along with a growing middle class.

Omaha's last Sears location, at Crossroads Mall, will go the way of many before it, closing for good in 2019.

Related Articles