Towne East Sears closing in March


The stores are slated to close in late March; liquidation sales are scheduled to start in two weeks, the company said Friday.

Sears announced Friday that it is closing 80 more stores, including the one on East North Street.

Sears associates were told December 27 and liquidation sales are expected to begin in two weeks.

The bankrupt company set 4 pm ET Friday as the deadline for potential buyers to bid for Sears' assets. The Columbus store is not on the Sears Holdings list of those to be closed.

Representatives for Sears, based in Hoffman Estates, Illinois, and for Bank of America declined to comment.

According to a news release from Sears, the retailer informed employees of the closure on Thursday. Sears Holdings filed for Chapter 11 bankruptcy protection in October.

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Sears has suffered for years, as USA consumers increasingly turned their backs on brick-and-mortar stores.

Sears stores in Novi and Muskegon will close in MI.

Sears received a reprieve from liquidation after chairman Edward Lampert made a $4.4 billion bid to buy it at the last minute.

A bid that would keep Sears in business also gives lenders who aren't first in line to be repaid a shot at retrieving a larger portion of what they're owed. "We continue to believe that Sears' integrated and complementary businesses and brands can form the framework of a successful platform after emerging from bankruptcy". Sears' corporate headquarters was not answering further questions, either. Most of the 80 stores will shut down by late March.

Sears sold everything from Craftsman tools to Kenmore appliances, but it lost its footing in the 1980s with expansions into financial products such as banking, mortgages, insurance and credit cards.