Sears and Kmart Stores in NH Still Alive as Company Gets Another Day to Deal
UPDATE 2:20 pm: While Sears seemed on the verge of liquidation, a last-minute chance was given to Edward Lampert to "come up with a feasible offer to keep a shrunken version of the company alive, bankruptcy attorney Ray Schrock told a federal judge Tuesday," according to USA Today.
USA Today states that if Lampert "can't come up with a $120 million deposit and new deal terms by 4 p.m. Wednesday, liquidators will probably prevail and the company will likely go out of business."
The bankruptcy battle appears to be over. One of the most iconic stores in New Hampshire will most likely begin to close their doors for good soon, according to a story from CNBC.
A judge still has to approve liquidation, which the company is reportedly seeking, and that means that all Sears and Kmart stores in NH will close if that is the case, according to Business Insider.
Reuters states, however, that there is still a possibility that U.S. Bankruptcy Judge Robert Drain of the Southern District of New York could give the Sears chairman time to improve his takeover bid. The story also states that when Sears/Kmart closes, it could put approximately 68,000 people nationwide out of work.
A bankruptcy auction for Sears’ assets is not due until Jan. 14.
Sears was expected to announce liquidation Tuesday, CNBC states.
There was no timetable offered up by Sears or Kmart on when stores will begin liquidation and closing procedures.
Sears has locations Conway, Concord and Nashua. Kmart is currently in Hooksett and Salem.