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Update: Sears Narrowly Avoids Liquidation

December 28, 2018 - 4:02 pm
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BURBANK (CNS) - A Kmart store in Burbank is one of 80 locations that will be shuttered by Sears Holdings, which is teetering on the brink of liquidation amid bankruptcy proceedings, the company announced today.

The store at 1000 San Fernando Road is expected to be closed by late March 2019, along with 79 other locations across the country. The other affected California stores are in Stockton, Apple Valley, Santa Maria and Auburn.

The closures announced Friday are in addition to more than 180 that were previously announced by Sears.

"Liquidation sales at these stores are expected to begin in two weeks," according to Sears Holdings. The closures are part of the company's effort "to accelerate its strategic transformation and facilitate its financial restructuring."

The company filed for bankruptcy in October and it was facing possible liquidation if a viable sales offer was not submitted by 1 p.m. Friday.

According to CNBC, that offer came through just in time -- from company chairman Eddie Lampert. CNBC reported earlier that Lampert was trying to engineer a $4.6 billion purchase of the company through his hedge fund, ESL Investments. The bid appears to have staved off liquidation of the century-old company until at least mid-January.
 

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