Sears closing 80 more stores -- 2 in MI


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. In November, it announced it was closing another 40 stores.

Sears is closing 80 more stores as it teeters on the brink of liquidation.

Sears is an original anchor tenant at the Mall of America, where its three-level store opened in 1992. As part of the closings, the accompanying Sears Auto Centers at the Sears stores slated for closure will also shut down.

After filing for bankruptcy on October 15, Sears executives have been scrambling to come up with cash to satisfy the bankruptcy court by a 4 p.m. December 28 deadline.

Lampert, Sears' largest creditor, is offering to buy Sears outright to keep the company together, but has yet to officially submit his bid. Instead, he wants to forgive about $1.8 billion of the debt he holds from Sears. The only public offer comes from the hedge fund controlled by Sears chairman Eddie Lampert, though it's not yet an official bid.

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

Potential buyers have until today to bid for the company's assets, including 500 Sears and Kmart stores in addition to the Kenmore appliance brand, according to a CNN report. He was invested millions into Sears with the help of ESL as he worked to try to keep the Sears alive, including a loyalty program for customers with "Shop Your Way", CNBC said.

Columbia Center's movie theater also recently closed but is being replaced by a Dick's Sporting Goods, now under construction.

Spokespeople for Sears and Lampert declined to comment Thursday.