Last-minute bid made to rescue Sears from liquidation

Last-minute bid made to rescue Sears from liquidation

The store is on the list of 80 more Sears and Kmart stores scheduled to close in late March 2019.

The store at 1000 San Fernando Road is expected to be closed by late March 2019, along with 79 other Kmart and Sears locations across the country. It could extend the deadline - or it could decide to accept defeat and begin a plan to close all of its stores and liquidate its assets.

When Sears filed for bankruptcy on October 15, it announced the closing of 142 stores out of its approximately 700. Sears Auto Centers at those locations will also close.

The company says these closures are in addition to the shutdown of 40 unprofitable stores expected to be completed in February. The only public offer comes from the hedge fund controlled by Sears chairman Eddie Lampert, though it's not yet an official bid. As of the afternoon of December 27, Lampert had neither submitted his bid, nor rounded up financing. ESL is the only party offering to buy Sears as a whole, people familiar with the situation told CNBC.

First Democratic contender announces she's running for president
He would eventually work as a janitor. "How did we get here?" "Working families today face a lot tougher path than my family did". In the video , Ms Warren stressed the economic populist message that has brought her to national prominence.

17 killed in Bangladesh election violence
The Bangladeshi leadership has alternated between Hasina and Zia, allies-turned-foes, over the last three decades. Tousands of Awami League supporters rallied in the capital as candidates made a last-minute pitch for votes .

John Kelly breaks with Trump: 'To be honest, it's not a wall'
Mr Trump remains cooped up in the White House after cancelling a vacation to his private Florida club amid the shutdown. Migrants from Central America say they want to reach the United States to escape poverty and gang violence.

Employees at the two stores were informed of the pending closure on Thursday.

Representatives for Sears, based in Hoffman Estates, Illinois, and for Bank of America declined to comment.

Sears Holdings Corp., which also runs Kmart, joins the list of retail brands taken over by hedge funds that collapsed under the weight of debt forced upon them. Now, there is a deadline of 4:00 p.m. ET Friday, Dec. 28 to submit an offer for the company.

In a court filing, the creditors' attorney called Sears' plan to become profitable "nothing more than wishful thinking " and "an unjustified and foolhardy gamble with other people's money". Today's announcement will leave the chain with fewer than 500 stores and an estimated 50,000 employees.

Related Articles