Sears to close 80 more stores, awaiting bids to stay in business

Sears has 24 hours to be saved

The store is on the list of 80 more Sears and Kmart stores scheduled to close in late March 2019.

Store employees were notified of the closings on Thursday, the company said.

Under hedge fund manager Eddie Lampert, Sears has bought time by spinning off stores and putting on the block the brands that had grown synonymous with the company, such as Craftsman. The Columbus store is not on the Sears Holdings list of those to be closed. Sears faces a self-imposed deadline of 4 pm ET on Friday for bids.

The once-dominant retailer filed for bankruptcy in October, and Lampert was seeking nearly $1 billion to support his rescue effort.

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Workers were told this week that liquidation sales are expected to start at the affected locations in two weeks, CNBC reports. And it comes as it's lacking support from many vendors who have been reluctant to work with Sears as they fear they won't get paid. Through his ESL Investments hedge fund, Lampert submitted a bid to the bankruptcy court earlier this month. The closure of another 40 stores was announced in November.

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. The accompanying Sears Auto Centers will also be shut.

Sears did not immediately respond to Fortune's request for comment. Including the closings after the bankruptcy filing, Sears would have just over 500 functioning locations left.

A Sears sign is displayed at a store on October 15, 2018 in the Brooklyn borough of New York City.

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