Published: Sat, December 29, 2018
Money | By Hannah Jacobs

Towne East Sears closing in March

Towne East Sears closing in March

The once-dominant retailer filed for bankruptcy in October, and Lampert was seeking nearly $1 billion to support his rescue effort.

Sears Holding Corps. listed the Parkville Kmart and the Salisbury Sears among the 80 locations scheduled to close by late March 2019. 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 130-year old retailer set a deadline of Friday for bids for its remaining stores to avert closing down completely.

Since filing for bankruptcy, the retailer has announced plans to close more than a third of its locations.

Liquidation sales at the stores are expected to begin in the second week of January. In November, it announced the closure of 40 additional stores. Employees were informed of the closure on Thursday.

Minnesota stores include the three-level location at the Mall of America, which was not originally on the list of stores closing.

Lampert put forward a $4.6 billion proposal to buy the company out of bankruptcy through his hedge fund, ESL Investments, on December 6.

While Lampert has said he intends to make the bid, he has not formally filed one with the bankruptcy court. If he doesn't and Sears receives no other bids, the company could extend the deadline or liquidate its assets.

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