Sears at Charlottesville Fashion Square to Close

Sears at Charlottesville Fashion Square to Close

Sears at Charlottesville Fashion Square to Close

In a bankruptcy court hearing last week, Sears' attorneys said it is considering bidders for its assets who would shut down the company.

Sears' decline continues to accelerate as on Friday the company announced it will close 80 Sears and Kmart locations in March, including one in rural Western New York.

The Sears in Lincoln will be closing its doors in 2019, the company announced on Thursday. Liquidation sales at the stores should begin in two weeks, Sears said. Rushmore Mall lost Sears as an anchor store in April. The Bloomington, Minnesota store as well as the Kmart in Rochester are both slated to close.

The company filed for Chapter 11 bankruptcy protection in October. Should Lampert submit a bid, Sears' advisors would have until January 4 to decide whether he is a "qualified bidder".

So far a hedge fund controlled by Eddie Lampert, Sears' former CEO and now largest creditor, is the only entity to publicly disclose a plan to bid.

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The once-dominant retailer filed for bankruptcy in October, and Lampert was seeking nearly $1 billion to support his rescue effort. They have also taken aim at his efforts to fund $1.8 billion of his bid by forgiving Sears debt owed to him, through a so-called credit bid.

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.

However, Lampert hasn't officially submitted a bid. He was invested millions into Sears with the help of ESL as he worked to try to keep the Sears alive, including a loyalty program for customers with "Shop Your Way", CNBC said.

These sources also told CNBC that ESL Investments is the only party offering to buy Sears as a whole.

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