Grand Forks Kmart one of 80 Sears Holdings properties to close
00:39, Dec 30, 2018
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That's in addition to the closure of 46 unprofitable stores that had already been announced on October 15.
Sears announced that it expects to begin liquidation sales at the 80 stores in two weeks. His plan would still need to pass muster with creditors and the bankruptcy court - and he could still be outbid by a liquidator looking to shut Sears and sell off the pieces.
A hedge fund controlled by Sears chairman Eddie Lampert is offering $4.6 billion.
The stores set to close early next year consist of 43 Sears and 37 Kmart stores, including Kmart stores in Queensbury, Horseheads, Wellsville and Greenwich, N.Y.
The company released a list of the closing Sears and Kmart locations online and released the following statement. The deal included 500 stores, 50,000 employees, the Kenmore appliance and DieHard tool brands, key real estate and the company's inventory and receivables.
A bid that would keep Sears in business also gives lenders who aren't first in line to be repaid a shot at retrieving a larger portion of what they're owed.
Lampert has until Friday afternoon to make that bid official. Last week, US Bankruptcy Court Judge Robert Drain gave initial approval for the $60 million sale of Sears' home improvement business to Service.com.
It was revealed Friday, December 28, that the nation-wide retailer's location at Charlottesville Fashion Square would be closing [PDF]. He was its CEO until its bankruptcy filing as well as its primary shareholder as it lost billions of dollars and closed thousands of stores.
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