Two local Sears stores to close

Eddie Lampert

Eddie Lampert

It was revealed Friday, December 28, that the nation-wide retailer's location at Charlottesville Fashion Square would be closing [PDF].

On Oct. 15, Sears Holdings filed for Chapter 11 bankruptcy protection, a last-ditch attempt to avoid folding after years of store closures, sales declines and borrowing. Lampert says his plan would let 50,000 Sears employees keep their jobs.

Sears chairman Eddie Lampert proposed to buy out the company as a whole through his hedge fund, ESL Investments, for $4.6 billion.

Up against a deadline to find its way out of bankruptcy, Sears announced Friday it planned to close 80 more stores in March. The rules give Sears flexibility to extend the deadline or make other changes that might promote more bids. The company had 68,000 workers at the time of its bankruptcy filing. He has propped up the company with funding for several years but has not submitted or lined up a bid, CNBC reported. Last week, US Bankruptcy Court Judge Robert Drain gave initial approval for the $60 million sale of Sears' home improvement business to Service.com. But he will be hearing from creditors again at hearings set for next month.

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Sears is closing the doors on its Albemarle County store and auto center.

The Kmart store located at 20777 Bear Valley Road is expected to close by late March 2019 and liquidation sales are expected to begin in two weeks.

Lampert, who through ESL is Sears' biggest shareholder and creditor, formed Sears Holdings in 2005 by acquiring Sears Roebuck and combining it with discount chain Kmart, which he had also taken over.

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

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