Sears Closing, Auctioning Off More Stores

Sears (Hoffman Estates, Ill.) is closing a handful of stores across the country, most of which will close between May and July. These are in addition to the company’s previously announced store closures that are set to take place this year and that amount to a total of 166 stores.

The company is also putting 16 other stores up for sale in an online auction. According to Business Insider, these properties are being advertised as sale and lease-back deals.

Depending on the terms of the lease, the stores could be closed down entirely or the company could pay the winning bidder rent to continue operating in the space. Bidders have until May 1 to signal interest in these properties, with the auction taking place later in the month.