Sears at Park City Center in Lancaster among those closing in March

Sears at Park City Center in Lancaster among those closing in March

The Kmart in Apple Valley is amongst 80 locations owned by Sears Holdings that will close its doors forever as the company continues to teeter on the brink of liquidation.

Sears announced that it expects to begin liquidation sales at the 80 stores in two weeks.

CNBC reported Sears was still operating a little under 700 stores when it filed for bankruptcy on October 15.

Employees, the release said, were notified of the closures Thursday. The move comes as a 3 p.m. Friday deadline looms for potential buyers to bid for Sears' assets including 500 of its stores and the Kenmore appliance brand.

A hedge fund controlled by Sears chairman Eddie Lampert is offering $4.6 billion.

Lampert has until Friday to make that bid official.

Saudi king appoints new foreign minister in major cabinet reshuffle
General Kalid bin Qirar al-Harbi was named general security chief, while Musaed al-Aiban was appointed national security adviser. The decree also appoints a woman - Eiman Al Mutairi - to the post of assistant to the Minister of Commerce and Investment.

Sears Auto Center is set to close late January, while the retail portion is expected to be gone sometime in March.

The 80 stores are due to close by March. The company had 68,000 workers at the time of its bankruptcy filing. Sears' corporate headquarters was not answering further questions, either. That's in addition to 182 stores already slated for closure, including 142 by the end of 2018 and 40 by February.

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

The company, which had almost 700 stores at the time of its bankrutpcy filing, has been seeking a bidder willing to keep 500 of the remaining stores open as part of a reorganization of the business.

Lampert, who through ESL is Sears' biggest shareholder and creditor, formed Sears Holdings in 2005 by acquiring Sears Roebuck and combining it with discount chain Kmart, which he had also taken over.

Related Articles