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Sears closing 80 stores in March, including Fostoria Kmart

29 December, 2018, 03:11 | Author: Sara Gill
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The company released a list of the closing Sears and Kmart locations online and released the following statement.

Up against a deadline to find its way out of bankruptcy, Sears announced Friday it planned to close 80 more stores in March. The Sears Auto Center at both stores will also close. No bid was made as of 4:45 p.m., Business Insider reported.

Failing a successful purchase bid, Sears is facing the possibility of liquidation, ending the company's 125-year run as one of the country's best-known retailers.

Sears filed for Chapter 11 bankruptcy protection.

Sears told workers this week that it expects to begin liquidation sales at the 80 stores (addresses listed below) in two weeks. This is in addition to the previously announced closure of 40 unprofitable stores expected to be completed in February 2019.

A manager at the Kmart in Fostoria declined to answer questions, such as how many people are employed at the store.

Sears could choose to extend the deadline it set to give potential bidders more time to finalize plans or secure financing.

Sears chairman Eddie Lampert proposed to buy out the company as a whole through his hedge fund, ESL Investments, for $4.6 billion.

Other regional Kmart stores scheduled to close are in Rochester, Minn., and Rapid City, S.D.

Lampert, the company's largest creditor who also served as CEO until its bankruptcy, has until Friday to make his bid official.



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