Daily Trends Now
Daily Trends Now


Sears Closing 80 More Stores In March, Faces Possible Liquidation

Sears Closing 80 More Stores In March, Faces Possible Liquidation

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. ESL said it expected to employ 50,000 at the 500 stores it proposed acquiring, out of 68,000 employees Sears said it had at the time of its bankruptcy filing.

Sears filed for bankruptcy in October and has since shuttered hundreds of stores as it attempts to restructure and return to profitability. As part of the deal, ESL would also forgive $1.8 billion of debt that the retailer owes the hedge fund.

The Killeen and Waco Sears are expected to close by late March 2019. Sears' chairman, Eddie Lampert, has been trying to buy the company out of bankruptcy through his hedge fund, ESL Investments.

The company, which had almost 700 stores at the time of its bankrutpcy filing, has been seeking a bidder willing to keep 500 of the remaining stores open as part of a reorganization of the business. He said he meant to bid $4.6 billion for 500 stores and other operating assets, including the Kenmore appliance brand.




To save the company, they will be closing 80 stores, including the Kmart in Grand Forks.

Sears has told a bankruptcy court it has received several bids.

Sears is an original anchor tenant at the Mall of America, where its three-level store opened in 1992. Sears' corporate headquarters was not answering further questions, either. The Columbus store is not on the Sears Holdings list of those to be closed.

follow

editors' picks

December 30, 2018
'Sons of Anarchy' Alum Danny Trejo Bashes Donald Trump's Border Wall Plan
Pelosi is poised to become speaker of the House again after Democrats officially retake the majority of the House next week. "And the president must exercise the decorum expected from the White House - even from his Twitter account".

December 29, 2018
Trump Is Losing the Shutdown Fight in a Rout
Republicans have only 51 seats, so they will need to try to persuade some Democrats to back the measure. The White House is accusing Democrats of walking away from the negotiating table.

December 29, 2018
Two local Sears stores to close
The Sears chairman and ESL founder own just under half of the Hoffman Estates , Illinois, company, according to FactSet. Should Lampert submit a bid, Sears' advisors would have until January 4 to decide whether he is a "qualified bidder".

December 28, 2018
Donald Trump stops at Ramstein base in Germany after Iraq visit
Wednesday also marked the fifth day of a government shutdown over a budget dispute between Trump and congressional Democrats. Trump said that after US troops in Syria return home, Iraq could still be used to stage attacks on IS militants.

December 25, 2018
Dillian Whyte scores Knockout of the Year contender over Dereck Chisora
Afterwards, Whyte called out Joshua, who stepped up to the ring and said Whyte was third on his list of targets. Anthony Joshua could be set for an April date with Dillian Whyte, according to Eddie Hearn .

December 21, 2018
Korea Says it Won't Denuclearize Unless US Removes Threat
He acknowledged that the travel ban - which requires American aid workers to obtain special permission from the U.S. State Department before travelling to North Korea - "may have impacted the delivery of humanitarian assistance".

December 20, 2018
UK Government to Review E-Cigarette Regulations Post-Brexit
While the devices are believed by many to be safer than traditional tobacco cigarettes, they are far from harmless. The percentage of 8th-grade students vaping in the past 30 days increased too - from 3.5 percent to 6.1 percent.

December 19, 2018
Russian Federation used all major social media platforms to aid Trump
Establishment figures of either party, especially Clinton, were universally panned. The IRA has been charged by us officials for interfering in the 2016 election.

December 14, 2018
Arsenal will speak to players in laughing gas video
I don't know how we are going to play in midweek but I do know that I have enough players to cope. Arsenal are now fifth in the Premier League, two points behind third-placed Tottenham.

December 14, 2018
British PM wins confidence vote by big margin
Theresa May clung on to power after defeating an attempt by her own MPs to oust her, winning the vote by 200 for to 117 against. Irish prime minister Leo Varadkar, who met one-to-one with May, said she had put new ideas on the table.