Burbank Kmart To Shutter In Early 2019

Liquidation Alarm: Sears May Have Only 24 Hours Left

Sears Holdings Corp., which also runs Kmart, joins the list of retail brands taken over by hedge funds that collapsed under the weight of debt forced upon them.

Sears has announced another round of store closures that will happen at the end of the first quarter next year.

The company filed for bankruptcy in October and set Friday as the deadline for potential buyers to bid for its assets, including its 500 Sears and Kmart stores and the Kenmore appliance brand.

Spokespersons for both Sears and ESL declined to comment.

However, Lampert hasn't officially submitted a bid. The company informed associates at 80 stores nation wide of closing.

A committee of Sears' other leading creditors has argued that the company should shut down the business, closing all the stores and liquidating its inventory and other assets. If he doesn't - and if no other bidders arise, Sears will have a critical decision to make.

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"Liquidation sales at these stores are expected to begin in two weeks".

Kmart's parent company announced it will close the Grand Forks store in March.

Sears told the bankruptcy court it has interest from multiple parties.

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.

The company had almost 700 stores at the time of its bankruptcy filing. Sears faces a self-imposed deadline of 4 pm ET on Friday for bids.

So far US Bankruptcy Court Judge Robert Drain, who is hearing the case, has allowed Sears to proceed with plans to stay in business.

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