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Two local Sears stores to close

Two local Sears stores to close

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

In all, 80 Sears or Kmart stores have been earmarked to close in late March.

The Sears in Lincoln will be closing its doors in 2019, the company announced on Thursday. Liquidation sales are set to begin in two weeks.

Sears Chairman Eddie Lampert made a $4.6 billion offer to buy the USA retailer earlier this month, which called for about 500 Sears stores to remain open.

Sears previously announced its stores at Citrus Park Town Center in Tampa and at Country Side Mall in Clearwater, as well as Kmart stores at 5400 E. Busch Boulevard in Tampa and 1602 W. Brandon Boulevard in Brandon. A Sears sign is displayed at a store on October 15, 2018 in the Brooklyn borough of New York City. Should Lampert submit a bid, Sears' advisors would have until January 4 to decide whether he is a "qualified bidder".




Lampert has until Friday afternoon to make that bid official.

The Sears chairman and ESL founder own just under half of the Hoffman Estates, Illinois, company, according to FactSet. As part of the deal, ESL would also forgive $1.8 billion of debt that the retailer owes the hedge fund. 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.

But the onset of discounters like Walmart created challenges for Sears that have only grown and it faced even more competition from online sellers and appliance retailers like Lowe's and Home Depot.

As recently as 2012 the company operated 4,000 Sears and Kmart stores.

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