Sears Facing Liquidation With No Bids Submitted

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Fostoria's Kmart, at 620 Plaza Drive, will be closing in late March, along with 36 others across the country, its parent corporation, Sears Holdings reported.

The Sears in Lincoln is located at 6400 O Street.

Liquidation sales are scheduled to begin in two weeks, the company said.

If Lampert secures a bid by tomorrow, the deal would save all of Sears' assets, including 500 stores and allow 50,000 of the company's employees to keep their job.

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

The two North Texas closings are part of 80 that will occur nationwide in March involving Sears and Kmart locations.

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Sears chairman, Eddie Lampert, has put forward a $4.6 billion proposal to buy the company out of bankruptcy. As of the afternoon of December 27, Lampert had neither submitted his bid, nor rounded up financing.

Sears has announced another round of store closures that will happen at the end of the first quarter next year. If he doesn't and Sears receives no other bids, the company could extend the deadline or liquidate its assets. Bank representatives either had no immediate comment or did not immediately respond to requests for comment.

ESL said that should its bid be accepted, it expects the company to emerge from bankruptcy.

Lampert had a plan to save Sears by combining it with Kmart, which ESL bought out of bankruptcy after the discount store's 2002 bankruptcy filing.

Sears Holdings closed at 17 cents per share Friday, down more than 2 percent.

The department store operator reportedly made the announcement to employees Thursday.

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