Another Round Of Sears, Kmart Closures Announced

Sears Holdings announced plans to close 80 more stores by March 1. | AP file

Sears is closing 80 more stores, including two in IL, as it nears a deadline that could determine whether the bankrupt retailer lands a lifeline to save its business or is forced to begin shutting down.

The iconic but now bankrupt retailer announced Friday it was closing 80 more Sears and Kmart stores.

After filing for bankruptcy on October 15, Sears executives have been scrambling to come up with cash to satisfy the bankruptcy court by a 4 p.m. December 28 deadline.

This story will be updated. The company's chairman, Eddie Lampert, is believed to be attempting to purchase the company through the hedge fund he manages, ESL Investments. Lansing's Sears has dodged another round of closings.

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The Sears Auto Center at the additional named stores will be closing as well. The company says it has announced the latest round of closings as part of a financial restructuring. He's shuttered hundreds of money-losing stores, cut more than $1 billion in annual expenses, and spun off units such as Lands' End Inc.

Sears has told a bankruptcy court it has received several bids.

The company plans to shutter 80 stores beginning in late March and liquidation sales could begin in two weeks, the company said. The only Minnesota Sears store listed among them was the one located at the Bloomington mall. The Santa Barbara Sears store closure added up to another 72 jobs. "Customers can use the store locator function on our web sites to find the location of their nearest Kmart and Sears stores".

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