Economy

Sears at Charlottesville Fashion Square to Close

Sears at Charlottesville Fashion Square to Close

Anyone who wants to buy Sears Holdings out of Chapter 11 bankruptcy has only a few hours left to make a move, but no one has so far.

Sears Holdings on Friday announced another round of Sears and Kmart store closures, including the Sears store at the Mall of America.

Sears associates were told December 27 and liquidation sales are expected to begin in two weeks. Over the last two years, J.C. Penney has been forced to close over a hundred stores nationwide.

The City of Rapid City tweeted that the closing of Kmart is more reflective of national retail issues, rather than anything local.

Since filing for bankruptcy earlier this year, Sears has announced plans to close more than 260 of its 700 or so stores, or more than a third of its locations.

More news: Government Shutdown Set to Extend Into 2019 After US House, Senate Adjourn

Total costs related to closing 73 Sears stores and 28 Kmart stores in the third quarter ended November 3 amounted to $229 million, the company said earlier this month. The company's chairman, Eddie Lampert, is believed to be attempting to purchase the company through the hedge fund he manages, ESL Investments. "Customers can use the store locator function on our web sites to find the location of their nearest Kmart and Sears stores".

However, as of Thursday afternoon, Lampert had not submitted his bid for failure to raise the cash, insiders say. They have also taken aim at his efforts to fund $1.8 billion of his bid by forgiving Sears debt owed to him, through a so-called credit bid.

Sears filed for bankruptcy on October 15 with a little under 700 stores. That's in addition to 182 stores already slated for closure. If he manages to submit the bid by 4 p.m. Friday, Sears' advisors will have a week to determine if he is a "qualified bidder".

These sources also told CNBC that ESL Investments is the only party offering to buy Sears as a whole.


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