Sears is still alive, barely. A last-minute bid on Friday gave the chain a chance to stave off complete liquidation, but the company still announced that 80 Sears and Kmart stores across the country would close by March, reports CNBC. You can see the complete, state-by-state list at Marketwatch. (Sears owns Kmart.) These closings are in addition to 182 previous store closings announced since the company declared bankruptcy in October. If the bid is accepted, Sears would continue to operate its 425 most profitable stores, and 50,000 of the current 68,000 employees would likely keep their jobs.
The late reprieve came via Sears Chairman Eddie Lampert, who submitted a $4.4 billion bid through a company called Transform Holdco LLC, an affiliate of his ESL Investments hedge fund, reports the AP. It came in just ahead of a 4pm deadline. This is not, however, a done deal. The company's advisers will decide by Jan. 4 whether it makes sense to accept the ESL offer over one of the offers to liquidate. (Not everyone is sorry about the iconic chain's demise.)
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