Published: Sat, December 29, 2018
Markets | By Jeffery Armstrong

Sears closing 80 stores in March, including Fostoria Kmart

Sears closing 80 stores in March, including Fostoria Kmart

According to a release by Sears Holdings, the company plans to close 80 Sears and Kmarts around the country in March, in an attempt to "accelerate its strategic transformation and facilitate its financial restructuring".

Hoffman Estates-based Sears Holdings Corp. said it notified workers at the closing Sears and Kmarts, including Sears stores in Fairview Heights and Cherry Valley, on Thursday. With its closure in March, there will be no more full-line Sears department stores left in Minnesota. If he manages to submit the bid by 4 p.m. Friday, Sears' advisors will have a week to determine if he is a "qualified bidder". As part of its bankruptcy deal, the once iconic retail chain said it would close more than 170 of its 700 stores by the end of the year.

The closings come on top of 40 other store closures Sears expects to complete in February. Liquidation sales at the stores should begin in two weeks, Sears said. Lampert poured millions of dollars through ESL into Sears, which struggled for years with losses and debt.

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Sears is closing the doors on its Albemarle County store and auto center.

Now comes the announcement of 80 more stores on the chopping block. Lampert and his hedge fund, ESL Investments Inc., also didn't respond to messages.

As of the bankruptcy filing, the company employed about 68,000 people.

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Potential buyers have until today to bid for the company's assets, including 500 Sears and Kmart stores in addition to the Kenmore appliance brand, according to a CNN report.

A Sears sign is displayed at a store on October 15, 2018 in the Brooklyn borough of New York City.

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