Sears to close Waco, Killeen stores

Sears to close Waco, Killeen stores

Sears to close Waco, Killeen stores

Most of the 80 stores will shut down by late March.

Sears Chairman Eddie Lampert's hedge fund said it submitted a last-minute bid Friday valued at $4.4 billion to keep the struggling retailer from being liquidated. He said he meant to bid $4.6 billion for 500 stores and other operating assets, including the Kenmore appliance brand.

A manager at Wichita's Sears Outlet store said Friday there are no plans to close it, emphasizing that Sears Outlet "is a separate company and. we're profitable as a company". It would preserve about 425 stores that Sears has yet to close, and secure the jobs of up to 50,000 workers out of the 68,000 employed by the retailer. And he said he had received $1.3 billion in loan commitments from three leading financial institutions, which he did not identify.

She said company policy prohibits employees from giving out additional details.

Any turnaround won't come soon enough for some outlets, with Sears telling employees on December 28 that it's closing 80 Sears and Kmart stores in late March 2019.

The company says these closures are in addition to the shutdown of 40 unprofitable stores expected to be completed in February. The closings comprise 43 Sears and 37 Kmart stores, the two brands operated by Sears Holdings.

Sears CEO Edward Lampert left and former Sears CEO Alan Lacy
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The local Kmart, 1143 Broad St., is the only South Carolina-based store in the newest closure announcement.

The WestShore Plaza Sears is the only Tampa Bay location included in the list, which has six other Florida stores.

The company had almost 700 stores at the time of its bankruptcy filing.

While Lampert has said he intends to make the bid, he has not formally filed one with the bankruptcy court.

Liquidation - which would have been halted if a buyer stepped forward - is set to begin in two weeks.

Sears' advisers have until January 4 to decide whether ESL is a "qualified bidder" to take part in the January 14 auction against liquidation bids.

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