Sears at Towne East one of 80 stores closing nationwide

A Sears logo is seen inside a department store in Garden City New York

A Sears logo is seen inside a department store in Garden City New York

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

After filing for bankruptcy on October 15, Sears executives have been scrambling to come up with cash to satisfy the bankruptcy court by a 4 p.m. December 28 deadline.

Sears Chairman Eddie Lampert made a $4.6 billion offer to buy the USA retailer earlier this month, which called for about 500 Sears stores to remain open.

This story will be updated. Lansing's Sears has dodged another round of closings. The accompanying Sears Auto Centers will also be shut down, according to the release.

The company had almost 700 stores at the time of its bankruptcy filing.

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

It's not clear how many jobs will be lost when the Santa Maria Kmart store shuts down.

Sears officials told employees it will begin liquidation sales at 43 Sears and 37 Kmart stores in two weeks. The plan includes keeping 425 stores open and a $1.3 billion financing commitment, the statement said.

To save the company, they will be closing 80 stores, including the Kmart in Grand Forks.

Unless the retailer receives the bid from Lampert - or a similar one from another firm - it could be broken up by liquidators next month.

The retailer, for years called Sears, Roebuck & Co. and famous for its massive catalog, boomed in the decades after World War II along with a growing middle class.

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