Temporary reprieve for Sears as chairman submits bid to buy retailer

Lampert’s hedge fund says bid submitted to save Sears

Liquidation Alarm: Sears May Have Only 24 Hours Left

Sears Holdings Corp., which also runs Kmart, joins the list of retail brands taken over by hedge funds that collapsed under the weight of debt forced upon them.

CNBC reported Sears was still operating a little under 700 stores when it filed for bankruptcy on October 15.

This story will be updated.

A hedge fund controlled by Sears chairman Eddie Lampert is offering $4.6 billion.

Sears told the court it has seen interest from multiple parties, including some who would liquidate the company, according to a CNN report. The Santa Barbara Sears store closure added up to another 72 jobs.

The latest announcement comes a month after the company said 40 Sears and Kmart locations will be closed by February 2019.

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The closings are part of the company's "processes to accelerate its strategic transformation and facilitate its financial restructuring".

Sears is closing the doors on its Albemarle County store and auto center.

Sears, which hasn't been profitable since 2010, has already begun the painful process of dramatically downsizing, announcing the shuttering of almost 200 stores over the last three months and reportedly looking into closing 50 to 80 stores in the near future.

More than 170 of the current 700 remaining stores will be closed if the chain can not pay its debts.

Liquidation is expected to begin in January.

Failing a successful purchase bid, Sears is facing the possibility of liquidation, ending the company's 125-year run as one of the country's best-known retailers.

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