30 December, 2018
Eddie Lampert is asking for more time to round up financing for his bid to keep Sears Holdings Corp. alive, according to people with knowledge of the matter.
Any turnaround won't come soon enough for some outlets, with Sears telling employees on December 28 that it's closing 80 Sears and Kmart stores in late March 2019.
Liquidation sales are expected to start in January and continue until the stores are shut down in late March. The company has been seeking a bidder willing to keep the remaining stores open as part of a reorganization of the business.
As recently as 2012 the company operated 4,000 Sears and Kmart stores. It then said it would shutter 142 unprofitable stores in the hopes that it could stay in business.
Earlier in the year, Goleta's Kmart closed, with Target intending to take over the space at Storke Road and Hollister Avenue.
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A hedge fund controlled by Lampert is the only entity to publicly disclose a plan to bid. The Santa Barbara Sears store closure added up to another 72 jobs.
Sears Holdings filed for bankruptcy protection on October 15. The final decision on Lampert's bid will be made by the judge overseeing Sears.
The City of Rapid City tweeted that the closing of Kmart is more reflective of national retail issues, rather than anything local. But he will be hearing from creditors again at hearings set for next month.
Altogether, Sears has announced plans to close more than 260 of its 700 or so stores- or more than a third of its locations- since filing for bankruptcy earlier this year.
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