Published: Sat, December 29, 2018
Money | By Ethel Goodwin

Sears at Towne East one of 80 stores closing nationwide

Sears at Towne East one of 80 stores closing nationwide

Eddie Lampert is asking for more time to round up financing for his bid to keep Sears Holdings Corp. alive, according to people with knowledge of the matter. As part of the closings, the accompanying Sears Auto Centers at the Sears stores slated for closure will also shut down.

The once-dominant retailer filed for bankruptcy in October, and Lampert was seeking nearly $1 billion to support his rescue effort. That's in addition to the closure of 46 unprofitable stores that had already been announced on October 15.

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

The company, which had almost 700 stores at the time of its bankrutpcy filing, has been seeking a bidder willing to keep 500 of the remaining stores open as part of a reorganization of the business. One of the stores on the list is the Kmart in Fostoria on Plaza Drive.

Sears associates were told December 27 and liquidation sales are expected to begin in two weeks. Lampert and his hedge fund, ESL Investments Inc., also didn't respond to messages. The 80 locations that will close in March is in addition to 40 locations that are scheduled to be shuttered in February.

Omaha's last Sears location, at Crossroads Mall, will go the way of many before it, closing for good in 2019.

Customers can use the store locator function on our web sites to find the location of their nearest Kmart and Sears stores.

While Lampert has said he intends to make the bid, he has not formally filed one with the bankruptcy court.

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