Sears To Close Mall Of America Store In March

Sears facing liquidation says it will close 80 more stores

Sears has 24 hours to be saved

In a statement, Chicago-based Sears Holdings said the move was part of the company's "processes to accelerate its strategic transformation and facilitate its financial restructuring".

Between 2013 and this October, Sears' store count dropped from 1,980 to 687, according to the company's bankruptcy filing.

- Sears announced it would close an additional 80 stores, including three in the Bay Area, as it teeters on the brink of liquidation.

In March, iconic Toys R Us announced it was shuttering all of its United States stores while other big names such as Macy's and JC Penney have also been forced to close numerous locations and lay off workers.

That's in addition to 182 stores already slated for closure, including 142 by the end of 2108 and 40 by February.

The Wellsville location at 121 Bolivar Road is on the list, as is New York Kmarts in Horseheads, Greenwich and Queensbury.

The once-dominant retailer filed for bankruptcy in October, and Lampert was seeking nearly $1 billion to support his rescue effort. With its closure in March, there will be no more full-line Sears department stores left in Minnesota.

CNBC reported earlier this month that the retailer was weighing closing 50 to 80 more stores, in a fight to stay alive.

As of right now, Sears only has one public bidder: A hedge fund controlled by Sears Chairman Eddie Lampert is offering $4.6 billion for those assets.

However, as of Thursday afternoon, Lampert had not submitted his bid for failure to raise the cash, insiders say. Lampert poured millions of dollars through ESL into Sears, which struggled for years with losses and debt. If he doesn't and Sears receives no other bids, the company could extend the deadline or liquidate its assets.

Employees at the stores were told yesterday that the locations would close in late March, according to information published alongside the list.

The court will choose the bid that recovers as much of the money Sears owes its lenders and vendors as possible, whether that means shutting the business down immediately or giving Sears more runway to restructure, Barbarosh said.

Latest News