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- During a Tuesday hearing in the U.S. bankruptcy court in White Plains, New York, Sears Holdings announced it would forego selecting a lead bidder for the auction of its stores amid criticism from creditors over Chairman Eddie Lampert’s $4.6 billion bid through his hedge fund, ESL Investments, The Wall Street Journal reports.
- Instead, the retailer is pushing for more bidders to make offers before the Dec. 28 final bid deadline, according to the Journal. Sears Holdings has already received bids from liquidators, as well as from retailers like Burlington Stores, At Home Group, Dick’s Sporting Goods and U-Haul for some of its stores or assets.
- Through bankruptcy filings, Sears previously announced and received approval for a plan to shutter 142 unprofitable stores. In a regulatory document filed with the SEC Tuesday evening, Sears said those store closures are expected to cost roughly $443 million, including $81 million in markdowns, $9 million in severance costs, $335 million in lease termination costs, $12 million in other charges and $6 million in depreciation.
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