“We continue to believe that it is in the best interests of all stakeholders to accomplish this as a going concern, rather than alternatives that would substantially reduce, if not completely eliminate, value for stakeholders,” the proposal said.
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The proposal also asks Sears to sell $1.5 billion of real estate and about $1.75 billion in other assets, including Sears Kenmore appliance brand, which ESL has previously expressed interest in buying.
Sears recently announced 46 closures of “unprofitable” stores, including the store at the Dayton Mall, which will close in November. It also recently announced it would close the Mall at Fairfield Commons store in December. There is still a Sears store in Springfield.
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