Sears plans 50 to 80 more store closures as challenges mount

Even as Eddie Lampert is trying to keep Sears alive, the company is preparing for its potential doom.

Sears' chairman, Eddie Lampert earlier this month unveiled his $4.6 billion proposal to save Sears by buying the company out of bankruptcy through his hedge fund, ESL Investments. Such a deal is likely its last chance at survival. If Lampert can't buy the company, it will likely need to liquidate and sell itself in parts. But as the deal faces increasing legal and financing challenges, the company is bracing for the reality it may not come together at all.

Sears' advisers told the bankruptcy court judge this week the company is already planning to close a number of stores and solicit liquidation bids as a protection, should Lampert's effort fall apart. The retailer is weighing closing to 50 to 80 more stores at the end of the year, people familiar with the situation tell CNBC. That could bring Sears' footprint closer to 400. Lampert has said he wants to buy roughly 500 stores.

The company filed for bankruptcy on Oct. 15 with a little under 700 stores. At that time it said it would close 142 unprofitable stores, then in November it announced the closure of 40 additional stores.

https://www.msn.com/en-us/money/companies/sears-plans-50-to-80-more-store-closures-as-challenges-mount/ar-BBRhwET?li=BBnb7Kz