Sears plans to close 80 more Sears and Kmart stores as a 3 p.m. deadline approaches to bid for the company.
In March, iconic Toys R Us announced it was shuttering all of its United States stores while other big names such as Macy's and JC Penney have also been forced to close numerous locations and lay off workers.
23 News has reached out to CherryVale Mall, but we have yet to receive a response.
Sears is nearing a crucial deadline that could determine whether it survives. Sears' chairman, Eddie Lampert, has been trying to buy the company out of bankruptcy through his hedge fund, ESL Investments. ESL is now the only offer on the table for Sears to keep the company whole as liquidators are proposing to break it up, the news outlet reported.
Friday is the deadline for potential buyers to submit a bid for the company's assets.
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The company, which had almost 700 stores at the time of its bankruptcy filing, has been seeking a bidder willing to keep 500 of the remaining stores open as part of a reorganization of the business.
According to CNBC, the department store operator told employees Thursday that it plans to shut another round of Kmart and Sears stores next year, in addition to those that are already in the process of going dark. "Lampert has been trying to get financing, but it's likely he'll get pushback from the creditors - even if he does submit an offer in time".
The quickly approaching cutoff puts Sears the closest to death it has ever been.
Now comes the announcement of 80 more stores on the chopping block.
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. They have also taken aim at his efforts to fund $1.8 billion of his bid by forgiving Sears debt owed to him, through a so-called credit bid.