Sears hopes 505 of its stores, 11 in Illinois, will stay open under new owner
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After a year of closures, layoffs and finally filing for bankruptcy, Sears has listed the 505 stores — including 11 in Illinois — it hopes a new owner will continue operating.
A bankruptcy court document filed Wednesday lists Illinois stores the company is selling, including locations in Bloomingdale, Chicago Ridge, Peoria, Schaumburg, West Dundee, Fairview Heights, North Riverside, Oak Brook and Rockford-Cherryvale. The list also includes Kmart stores in Bridgeview and Des Plaines.
But as the retailer searches for a new owner, it’s also considering bids to liquidate.
Sears has a Dec. 15 deadline to find an initial bidder on these stores, with a Dec. 28 deadline for other buyers to submit bids and an auction on Jan. 14.
The Hoffman Estates-based retailer, plagued by years of falling sales and accumulating debt, closed a number of stores before filing for bankruptcy protections in mid-October.