A committee of other creditors, including vendors and landlords, has proposed that Sears instead move forward with plans to shut down the business, closing all the stores and liquidating its inventory and other assets.
Sears Holdings Corp Chairman Eddie Lampert submitted a $4.4 billion takeover bid for the bankrupt USA retailer, representing its only chance of escaping liquidation and laying off tens of thousands of workers, a spokesman for the billionaire's hedge fund said on Friday.
The bid, valued at $4.4 billion, still needs to be approved.
The company said in its announcement that liquidation sales are expected to begin in two weeks and the stores will close in late March 2019.
Those 86 locations include 80 stores, five Sears Auto Centers and one distribution center.
The company, which had almost 700 stores at the time of its bankrutpcy filing, has been seeking a bidder willing to keep 500 of the remaining stores open as part of a reorganization of the business.
Sears has announced that it is closing its store location at Twelve Oaks Mall in Novi. That's in addition to 182 stores already slated for closure, including 142 by the end of 2108 and 40 by February.
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Transform Holdco LLC, an affiliate of Lampert's ESL Investments hedge fund, said it hoped to keep 425 stores open and 50,000 people working.
So far a hedge fund controlled by Eddie Lampert, Sears' former CEO and now largest creditor, is the only entity to publicly disclose a plan to bid. Sears Holdings also runs Kmart.
"Our bid reflects our firm belief that there is a future for Sears as a smaller, less indebted retailer", he said.
Lampert and ESL have been trying to buy the rest of Sears for up to $4.6 billion in cash and stock.
Lampert, who engineered a $12.3 billion acquisition of Sears by Kmart in 2005, held about $2.5 billion in Sears debt as of September, the result of multiple attempts to keep the chain afloat.
It's not clear how many jobs will be lost when the Santa Maria Kmart store shuts down.