Struggling Sears to close 80 more stores, including location in Tallahassee

Sears facing liquidation says it will close 80 more stores

Sears facing liquidation says it will close 80 more stores

Sears is closing 80 Sears and Kmart stores, including one in the Fox Valley.

The announcement came on the same day Sears faced a deadline to find a seller for the company as part of its bankruptcy.

On the new list of stores to close are the Sears location at Westshore Plaza and the store at 9409 USA 19 in Port Richey, as well as the Kmart store on Highway 301 in Ellenton. The accompanying Sears Auto Centers will also be shut down, according to the release.

The 80 announced this week were in addition to the 40 unprofitable stores announced previously to close. Experts say most of the already-closed stores will likely face demolition because of difficulty in finding new tenants to utilize stores of that size, typically 10,000 square feet or more.

A hedge fund controlled by Sears chairman Eddie Lampert is offering $4.6 billion. The move is part of the parent company's "processes to accelerate its strategic transformation and facilitate its financial restructuring", Sears officials said in the release.

Sears did not immediately respond to Fortune's request for comment.

This latest round of closings would take Sears closer to 400 remaining stores, not the 500 it was seeking to continue to operate.

Friday is the deadline for potential buyers to submit a bid for the company's assets.

Sears, once the largest retailer in the world, has filed for bankruptcy and is closing 142 stores.

Creditors have called Lambert's financing plan to keep Sears alive, "foolhardy gamble with other people's money", according to court filings.

While Lampert has said he intends to make the bid, he has not formally filed one with the bankruptcy court.

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