Sears at CherryVale Mall to close in March
- Author: Eleanor Harrison Dec 29, 2018,
Dec 29, 2018, 1:33
The accompanying Sears Auto Centers will also be shut.
The Sears at the Towne East Mall on East Kellogg is among 80 that will be closing nationwide in March.
Lampert's offer calls for about 500 Sears stores to remain open and would keep 50,000 of the retailer's some 68,0000 workers employed. The include two Sears stores in Novi and Muskegon, but no Kmart stores in MI.
But as Lampert stares down a deadline of December 28 to submit his offer, he has neither submitted his bid, nor rounded up financing, said the people familiar with the situation.
Sears is closing 80 more stores, including two in IL, as it nears a deadline that could determine whether the bankrupt retailer lands a lifeline to save its business or is forced to begin shutting down.
The list was announced Friday afternoon as the deadline for bids to keep the company out of Chapter 11 bankruptcy drew near at 4 p.m. Experts say most of the already-closed stores will likely face demolition because of difficulty in finding new tenants to utilize stores of that size, typically 10,000 square feet or more.
Chairman Edward Lampert and his hedge fund, ESL Investments, outlined a plan earlier this month to buy up the rest of Sears for up to $US4.6 billion in cash and stock.
The company earlier announced the closing of 40 unprofitable stores by February.
Sears filed for bankruptcy on October 15.
Representatives for Sears, based in Hoffman Estates, and for Bank of America declined to comment.
But as of midday Friday, ESL had yet to make its offer official.
Omaha's last Sears location, at Crossroads Mall, will go the way of many before it, closing for good in 2019.