Sears To Close Mall Of America Store In March

Lampert’s hedge fund says bid submitted to save Sears

The Kmart in Apple Valley is amongst 80 locations owned by Sears Holdings that will close its doors forever as the company continues to teeter on the brink of liquidation.

In a court filing, the creditors' attorney called Sears' plan to become profitable "nothing more than wishful thinking " and "an unjustified and foolhardy gamble with other people's money". The closures will affect both Sears and Kmart stores. He said he meant to bid $4.6 billion for 500 stores and other operating assets, including the Kenmore appliance brand.

Earlier this year, Sears closed 182 stores across the country.

Hoffman Estates-based Sears Holdings announced Friday it would close 80 Sears and Kmart stores in late March.

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

A local store is among dozens that will be closing in a few months.

Sears Auto Center is set to close late January, while the retail portion is expected to be gone sometime in March.

ESL said that should the $4.4 billion bid be accepted, 'we expect that the company that emerges from bankruptcy would offer employment to up to 50,000 associates'. Last week, for example, U.S. Bankruptcy Court Judge Robert Drain allowed the beleaguered retailer to sell its home-improvement service business to Service.com for $60 million.

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 closure of another 40 stores was announced in November.

According to Newsweek, Sears has less than 24 hours for a bidder to save the store from complete liquidation.

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