Sears plans to close another 80 stores

Sears Holdings intends to close another 80 Sears and Kmart stores by March 1 as the struggling retailers tries to stabilize its finances.

The Hoffman Estates company informed employees of the closings on Thursday. The closings affect two Sears stores in Illinois; a store in Fairview Heights, near St. Louis, and one in Cherry Valley, near Rockford, are among those to be closed.

The company faces a bankruptcy court deadline Friday for bidders to submit offers for its assets.

Chairman Edward Lampert announced a $4.6 billion deal in early December but had not officially submitted a bid as of midday Friday.

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