2 More Illinois Sears Closing As Company Faces Liquidation

ILLINOIS — With Hoffman Estates-based parent company Sears Holdings facing liquidation unless a viable bid comes in by Friday afternoon, the company announced it will close 80 more Sears and Kmart stores by March 2019, including two locations in Illinois.

Sears stores in Fairview Heights and Cherry Valley, Illinois are listed among the new closings announced Thursday. "This is in addition to the previously announced closure of 40 unprofitable stores expected to be completed in February 2019," the company said.

Sears Bankruptcy: 4 IL Stores Will Close, 142 Nationwide

Liquidation at the soon-to-be closed stores will begin in the next two weeks, and the stores will close in late March, according to Sears. Accompanying Sears Auto Centers at the locations will also close.

The struggling 125-year-old retailer filed for Chapter 11 bankruptcy in October. In what is likely the chain's last shot at survival, chairman and former CEO Eddie Lampert put forth a $4.6 billion proposal to buy the company in December through his hedge fund, ESL Investments. But with a deadline of Friday afternoon, Lampert still had neither submitted his bid nor secured financing, a source told CNBC.

More Patch coverage:

• Sears Lays Off 220 At Illinois Headquarters
• Nearly 800 Layoffs, Closings At IL Walmart, Sears, Grocery Stores
• Sears Raises $100 Million, Looks At $200 Million In Cuts
• After Layoffs, Sears Gets $210 Million Loan
• Sears To Close Its Last Chicago Store
• Sears CEO's Hedge Fund Wants To Buy Kenmore, Other Assets

A sign announcing the store will be closing hangs above a Sears store on August 24, 2017, in Chicago, Illinois. (Photo by Scott Olson | Getty Images)