Sears and Kmart, Facing Liquidation, Set to Close 80 More Store Locations
By Cecilio Leacock IBexclusive News Friday, December 28, 2018.
(IBEXNews) - Sears is closing 80 more stores as it teeters on the brink of liquidation. The 130-year old retailer set a deadline of Friday for bids for its remaining stores to avert closing down completely.
Right now, the only public bidder is the hedge fund controlled by the chairman of Sears, who served as the company's CEO until its bankruptcy.
The retailer that began out as a mail order catalog in the 1880s has been in a slow death spiral, hobbled by the Great Recession and then overwhelmed by rivals both down the street and across the internet.
The 80 stores are due to close by March. That's in addition to 182 stores already slated for closure, including a Kmart in Toms River, New Jersey.
The company filed for Chapter 11 bankruptcy protection in October. At the time of the filing, it operated about 700 Sears and Kmart stores.
The Associated Press contributed to this report.