Burbank Kmart To Shutter In Early 2019

Sears facing liquidation says it will close 80 more stores

Eddie Lampert is asking for more time to round up financing for his bid to keep Sears Holdings Corp. alive, according to people with knowledge of the matter.

The Tri-Cities Sears store will close as part of the company's bankruptcy.

- Sears announced it would close an additional 80 stores, including three in the Bay Area, as it teeters on the brink of liquidation.

Sears has been one of the four anchors at the Mall of America since it opened in August 1992.

The store at 1000 San Fernando Road is expected to be closed by late March 2019, along with 79 other Kmart and Sears locations across the country. The store, once a shopping mall mainstay, has slowly declined in recent years and was slow to respond to the trend in online shopping.

Sears filed for bankruptcy on October 15.

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The Sears chairman and ESL founder own just under half of the Hoffman Estates, Illinois, company, according to FactSet.

Lampert, though, hasn't submitted a bid or come up with financing as of Thursday afternoon, the people said.

He is not, however, planning to flood Sears with cash - instead he would write off around $1.8 billion of its debt that he holds.

Earlier this month, the hedge fund run by Sears Chairman Edward Lampert said it would offer about $4.6 billion for numerous retailer's remaining assets, including about 500 Sears and Kmart stores and its well-known Kenmore and DieHard brands. Lampert says his plan would let 50,000 Sears employees keep their jobs.

Some Sears creditors, including landlords and vendors, believe shutting down the company is the best way to retrieve the greatest portion of the money Sears owes them.

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