29 December, 2018
In November, Sears announced 40 additional stores deemed "unprofitable" would close in February 2019.
Workers were told this week that liquidation sales are expected to start at the affected locations in two weeks, CNBC reports. It wants someone to buy about 500 of its stores and the Kenmore appliance brand to keep Sears and Kmart open for business. The accompanying Sears Auto Centers will also be shut.
Sears has suffered for years, as US consumers increasingly turned their backs on brick-and-mortar stores.
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.
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Sears also owns Kmart, and the Waynesboro location will close in early January. Sears' chairman, Eddie Lampert, has been trying to buy the company out of bankruptcy through his hedge fund, ESL Investments.
The once-dominant retailer filed for bankruptcy in October, and Lampert was seeking nearly $1 billion to support his rescue effort. If he doesn't, and Sears has no other bids, the company can do one of two things: liquidate its assets, which could take months to complete, or extend the deadline.
Some Sears creditors, including landlords and vendors, believe shutting down the company is the best way to retrieve the greatest portion of the money Sears owes them.
Lampert poured millions of dollars through ESL into Sears, which struggled for years with losses and debt.