MEDFORD, Ore. (KOBI/CNN) – The Sears store in Medford will likely close in March as the company plans to shutter 79 other stores across the country, CNBC reports.
The decision to liquidate the 80 stores comes as the Sears faces a big deadline: if the company doesn’t sell by the end of the work week, all other stores will likely close.
Potential buyers have until Friday, December 28 to bid for Sears’ assets.
The bankrupt company has about 500 of its stores and the Kenmore appliance brand up for grabs.
If someone buys those, Sears and K-Mart will remain open for business and thousands of jobs could be saved.
As of right now, Sears only has one public bidder: a hedge fund controlled by Sears chairman Eddie Lampert is offering $4.6 billion dollars for those assets.
Lampert is the company’s largest creditor and served as CEO until its bankruptcy.
He has until Friday to make his bid official.
If he doesn’t and Sears receives no other bids, the company can do one of two things: it could extend the deadline or liquidate its assets.
A liquidation could take months to complete.
A full list of the stores slated to close and a statement from Sears is available here: https://searsholdings.com/docs/122818_store_closing_list.pdf