Sears could face liquidation without last-minute buyer

Lampert’s hedge fund says bid submitted to save Sears

The company filed for bankruptcy in October and was in the process of closing 180 stores before announcing 80 more on Friday.

She said company policy prohibits employees from giving out additional details.

Sears Holdings came close to losing a lot of assets, the corporation owns Sears and Kmart stores nationwide.

Another store closing was announced for a location in Muskegon.

Lampert bought Sears and merged it with Kmart in 2005 to form Sears Holdings. "Even with an approved bid, the company is heading for another iceberg and will sink before the winter weather is gone".

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The store at 2875 Santa Maria Way was included among 86 sites planned for closure by March, on a list submitted as part of Sears Holdings Corporation's ongoing Chapter 11 bankruptcy proceedings and financial restructuring plan submitted to the U.S. Bankruptcy Court. One was a joint bid from Tiger Capital Group LLC and Great American Group LLC, and another came from the team of Gordon Brothers Retail Partners LLC and Hilco Global Merchant Resources LLC, the Journal said. A representative for Lampert did not respond to multiple requests for comment Friday. Going out of business sales will start within two weeks.

So far US Bankruptcy Court Judge Robert Drain, who is hearing the case, has allowed Sears to proceed with plans to stay in business. But he will be hearing from creditors again at hearings set for next month.

Without the financing or another buyer, Sears faces the prospect of closing its doors for good and putting roughly 68,000 people out of work. The initial version of his rescue plan demanded that Lampert's ESL Investments hedge fund be released from liability related to any of its pre-bankruptcy transactions.

For much of the 20th century it was not only the nation's largest retailer, it was the largest private-sector employer.

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