Last-minute bid made to rescue Sears from liquidation

Sears may be down to its last 24 hours

Wellsville's Kmart location is among 80 properties owned by Sears that will be closing in March 2019, the company said Friday.

Transform Holdco LLC, an affiliate of Lampert's ESL Investments hedge fund, said it hoped to keep 425 stores open and 50,000 people working.

Two North Texas Sears stores will close in three months as part of the troubled company's ongoing efforts to remain afloat.

Those 86 locations include 80 stores, five Sears Auto Centers and one distribution center.

When Sears filed for bankruptcy on October 15, it was still operating a little under 700 stores.

The quickly approaching cutoff puts Sears the closest to death it has ever been.

The bankrupt company set 4 pm ET Friday as the deadline for potential buyers to bid for Sears' assets. ESL is the only party offering to buy Sears as a whole, people familiar with the situation told CNBC.

Columbia Center's movie theater also recently closed but is being replaced by a Dick's Sporting Goods, now under construction. "But it has been looming for a long time given the struggling retailer's difficulties and previous decisions over recent years to close multiple stores across the country", city spokesman Mark van de Kamp said Friday.

In this November 2018 photo, a sign in the window at Sears promises that 'This isn't goodbye, ' at the Livingston Mall in New Jersey.

The only known possible savior today is the company's chairman, Eddie Lampert, who has been trying to get a $4.6 billion offer together for the company.

Under Lampert, Sears has bought time by spinning off businesses and putting on the block the brands that had grown synonymous with the company, such as Craftsman.

Related:

Comments


Other news