Wellsville Kmart closing in March

Sears has 24 hours to be saved

Sears has 24 hours to be saved

The stores are slated to close in late March; liquidation sales are scheduled to start in two weeks, the company said Friday.

Locations in Richardson and Plano will close in late March 2019, the company announced.

The closings include 43 Sears and 37 Kmart stores, the two brands operated by Sears Holdings, which filed for bankruptcy protection on October 15.

But as Lampert stares down a deadline of December 28 to submit his offer, he has neither submitted his bid, nor rounded up financing, said the people familiar with the situation. 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. In November, it announced the closure of 40 additional stores.




So far a hedge fund controlled by Eddie Lampert, Sears' former CEO and now largest creditor, is the only entity to publicly disclose a plan to bid.

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

But as of midday Friday, ESL had yet to make its offer official. Lampert poured millions of dollars through ESL into Sears, which struggled for years with losses and debt. 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. 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. In interviews with Business Insider's Hayley Peterson in 2016, executives accused Lampert of neglecting Sears' stores and leaving them to crumble in his bid to turn Sears into a tech company.

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