Sears to close 80 more stores as deadline looms today

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Sears filed for bankruptcy on Oct 15, holding just of 700 stores at the time.

Sears announced Friday that it is closing 80 more stores, including the one on East North Street. The company says the latest round of cuts comes with liquidation sales expected to begin in two weeks.

The Sears at the Fox River Mall in Grand Chute is one of the stores that will close. As part of the closings, the accompanying Sears Auto Centers at the Sears stores slated for closure will also shut down.

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Sears filed for bankruptcy in October.

Lampert put forward a $4.6 billion proposal to buy the company out of bankruptcy through his hedge fund, ESL Investments, on December 6.

Lampert has to make his bid official by the end of the day.

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A spokesperson for ESL Investments declined to comment to Business Insider. But he also needed cash, and some lenders have balked because Sears has been losing money for years, and suppliers are concerned they might not get paid for goods that they ship to restock stores. Instead, he wants to forgive about $1.8 billion of the debt he holds from Sears. "This is in addition to the previously announced closure of 40 unprofitable stores expected to be completed in February 2019".

But the onset of discounters like Walmart created challenges for Sears that have only grown and it faced even more competition from online sellers and appliance retailers like Lowe's and Home Depot.

The iconic American retailer and employer of 68,000 people, founded 125 years ago, is seeking a bidder to buy it out of Chapter 11 bankruptcy by a 4 p.m. EST deadline Friday.

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