Burbank Kmart To Shutter In Early 2019

Sears may be down to its last 24 hours

After 125 Years, Sears Has Just Hours To Avoid 'Liquidation'

The 125-year-old company with more than 68,000 employees filed for bankruptcy in October, saying it would close 142 stores, and announced 40 more store closings the next month. The move is part of the parent company's "processes to accelerate its strategic transformation and facilitate its financial restructuring", Sears officials said in the release.

The company released a list of the closing Sears and Kmart locations online and released the following statement.

The Sears in Lincoln is located at 6400 O Street.

Representatives for Sears, based in Hoffman Estates, Illinois, and for Bank of America declined to comment.

Liquidation sales are expected to start in January and continue until the stores are shut down in late March. "The accompanying Sears Auto Center at these Sears stores will also be closing", Sears Holdings reported Friday.

News of the closures came hours ahead of a deadline for parties interested in acquiring the retailer's assets to submit bids, according to a timeline approved by the Bankruptcy Court.

At the time of the bankruptcy filing, Sears Holdings operated some 700 Sears and Kmart stores. The company's chairman Eddie Lampert has proposed a $4.6 billion hedge fund bid to buy Sears out of peril.

The company also has a lot riding on its holiday season sales, which Sears indicated are not going as well as it had hoped.

Now comes the announcement of 80 more stores on the chopping block.

The Sears in the Columbia Center mall in Kennewick is one of the anchor tenants.

The iconic retailer, once the nation's largest department store chain, faced a deadline of Friday for bids for its remaining stores to avert closing down completely.

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