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Self-imposed deadline for Sears to find a buyer is Friday

Posted: 9:42 PM, Dec 27, 2018
Updated: 2018-12-28 11:22:46Z
Sears announcement right before holidays

NORTH OLMSTED, Ohio — It used to be the place to go for just about anything. But over the years, Sears stores starting closing, and now the bankrupt company in is jeopardy of shutting down for good.

"I go to the ones that are open, I drive there," said shopper Sherrill Goode.

Goode is an avid Sears and K-Mart shopper. She's hoping the combined company will find a buyer.

Sears has been in trouble for quite some time, but Friday could be do or die after the company announced a self-imposed deadline to find a buyer.

It wants someone to buy 500 of its stores and the Kenmore appliance brand.

Right now, the only public potential bidder has been a hedge fund controlled by Sears Chairman Eddie Lampert. But even his bid isn't official.

If Friday comes and goes and nobody bids for the company, they'll have to make a choice - extend the bidding window or say goodbye to customers like Mohammad Zreiqat.

"Actually I would feel bad because always we get good deals and good prices at Sears," said Zreiqat.

There's just under 70,000 employees working at Sears and Kmart stores nationwide.

The Sears Outlet and Hometown stores are not included in the bankruptcy filing.