Sears to close Fairview Heights location

29 December, 2018, 03:12 | Author: Kevin Carter
  • Sears facing liquidation says it will close 80 more stores

The closures will affect both Sears and Kmart stores.

Sears could choose to extend the deadline it set to give potential bidders more time to finalize plans or secure financing.

Sears' decline continues to accelerate as on Friday the company announced that it will close 80 Sears and Kmart locations in March.

The store at Grand Cities Mall is one of 80 locations across the United States that will close in spring, according to a Sears news release.

Earlier this month, Sears said it would take a charge of about $443 million arising from store closures, Reuters reported, citing a regulatory filing.

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Sears associates were told December 27 and liquidation sales are expected to begin in two weeks. This is in addition to the previously announced closure of 40 unprofitable stores expected to be completed in February 2019.

The only public bid so far to buy the remaining Sears stores comes from Eddie Lampert and his ESL Holdings hedge fund, which has offered buy the rest of Sears for up to $4.6 billion in cash and stock in a move to stave off liquidation. The accompanying Sears Auto Centers will also be shut. The Columbus store is not on the Sears Holdings list of those to be closed.

Should Sears not find the investment it needs, the company could be forced to liquidate some assets.

Sears filed for Chapter 11 bankruptcy protection in October.

Terming any rescue effort as "akin to raising the Titanic and making it seaworthy again", NY retail industry analyst Neil Saunders on Friday said: "The lack of bids and the difficulties Eddie Lampert is having in raising financing for his own offer reflects the fact that Sears is essentially worthless".

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