After 125 Years, Sears Has Just Hours To Avoid 'Liquidation'

After 125 Years, Sears Has Just Hours To Avoid 'Liquidation'

After 125 Years, Sears Has Just Hours To Avoid 'Liquidation'

In November, it announced it was closing another 40 stores.

Since filing for bankruptcy earlier this year, Sears has announced plans to close more than 260 of its 700 or so stores, or more than a third of its locations. That's in addition to 182 stores already slated for closure. The stores are expected to close by March; with liquidation sales starting in January. "The accompanying Sears Auto Center at these Sears stores will also be closing", Sears Holdings reported Friday.

The two North Texas closings are part of 80 that will occur nationwide in March involving Sears and Kmart locations.

The company also operates Hometown Stores in Mexia and Temple.

Earlier this month, Lampert, who has controlled Sears for more than a decade, made a preliminary bid that included hedge fund Cyrus Capital Partners.

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.

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Friday is the deadline for bids to be submitted to buy Sears Holdings out of Chapter 11 bankruptcy.

Representatives for Sears, based in Hoffman Estates, and for Bank of America declined to comment. Lampert says his plan would let 50,000 Sears employees keep their jobs.

However, sources told CNBC that as of Thursday afternoon Lampert had not submitted his bid or rounded up financing.

He later resigned as CEO but remains chairman, while propping up the company for years with round after round of debt financing.

Some Sears creditors, including landlords and vendors, believe shutting down the company is the best way to retrieve the greatest portion of the money Sears owes them.

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