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Sears will close 80 additional stores, as it is on the verge of complete liquidation.

The famous retail chain, which was once the largest network of department stores in the United States, set a deadline on Friday for receiving purchase offers from the remaining stores in order to avoid complete closure.

The chain, which began as a mail order catalog in the 1880s, slowly sank down the bankruptcy path affected by the Great Recession and then overloaded with its competitors, both physical and online.





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80 stores will be closed in March, in addition to the 182 stores that are already scheduled for closure, including 142 by the end of 2018 and another 40 by February. The company declared bankruptcy in October, saying at the time that it would close more than 20% of its space and keep only its 500 most profitable establishments active.

Sears Holdings Corp., which also manages Kmart, joins the list of retail brands absorbed by hedge funds that have collapsed under the weight of their debt.

With venture capital manager Eddie Lampert at the helm, Sears won time by getting rid of some stores and selling iconic brands such as Craftsman.

Lampert, the president and principal shareholder of the company, lent his money and entered into agreements to keep the company afloat and receive any profit he could receive as a ESL risk fund. Lampert and ESL are trying to buy the rest of Sears up to $ 4.6 billion in cash and stock.

But until 4 o'clock in the afternoon Eastern time, apparently, no one made an official offer. Sears declined to comment.

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