Published: Tue, January 01, 2019
Markets | By Erika Turner

Sears chairman makes $4.4B bid to save company

Sears chairman makes $4.4B bid to save company

The iconic but now bankrupt chain announced Friday it was closing 80 more Sears and Kmart stores.

If Lampert secures a bid by tomorrow, the deal would save all of Sears' assets, including 500 stores and allow 50,000 of the company's employees to keep their job.

In this November 2018 photo, a sign in the window at Sears promises that 'This isn't goodbye, ' at the Livingston Mall in New Jersey.

All locations included in the release will be closed by late March 2019, with liquidation sales beginning in as little as two weeks. The accompanying Sears Auto Centers will also be shut down, according to the release. The only public offer comes from the hedge fund controlled by Sears chairman Eddie Lampert, though it's not yet an official bid.

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.

Yemeni mother who fought Trump travel ban says goodbye to son
Hassan and Abdullah, who are both USA citizens, had flown to the U.S. on 1 October to seek medical treatment for the child. He started losing hope and was considering taking his son off life support to end his suffering.

CNBC notes that court documents show that creditors have called Lambert's financing plan to keep Sears alive a "foolhardy gamble with other people's money".

On the new list of stores to close are the Sears location at Westshore Plaza and the store at 9409 USA 19 in Port Richey, as well as the Kmart store on Highway 301 in Ellenton.

If Lampert has made a bid, the company's advisors must still decide by January 4 whether ESL is a "qualified bidder". The company announced it would close 142 stores of its roughly 700 stores.

A manager at the Kmart in Fostoria declined to answer questions, such as how many people are employed at the store. The company hadn't turned a profit since 2010, and has lost about $11 billion since 2011.

Plans to close 80 additional stores were unveiled Friday, bringing the total number of closings to more than 260, which is over a third of its almost 700 stores.

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