Sears at CherryVale Mall to close despite movement on bankruptcy protection

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CHERRY VALLEY, Ill. (WIFR) -- Updated January 16, 2019, 9:10 a.m.

UPDATE: Sears may have won a reprieve in a desperate attempt to stave off its own demise, but the location at the CherryVale Mall will still close this year.

This comes after reports that billionaire Eddie Lampert won a bankruptcy auction after strengthening his bid in several days of negotiations with creditors.

A spokesperson for CBL properties, a Tennessee-based company that owns the CherryVale Mall, says the mall location is closing in March. The spokesperson says it's too soon to disclose details on what will fill the vacant space.

Lampert, Sears' chairman and largest shareholder, upped his offer to more than $5 billion and added a $120 million cash deposit through an affiliate of his ESL hedge fun to steer the company into bankruptcy protection.

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Sears plans to close 80 more stores in March, including the location at CherryVale Mall.

According to a Chicago Tribune report​, Hoffman Estates-based Sears Holdings Corp. notified workers at the closing Sears and Kmart stores.

Sears had already announced plans to close 182 stores after seeking Chapter 11 bankruptcy protection in October. The company says the latest round of cuts comes with liquidation sales expected to begin in two weeks.

A CherryVale Mall spokesperson released a statement Friday afternoon on the upcoming closure:

"In anticipation of this closure, we have proactively engaged in discussions with a number of retailers and other users. We are working on plans to redevelop the Sears building, but at this time it's too early to provide a concrete timeline or tenant names. Our next step will be to continue discussions and negotiations with alternate users. We'll be excited to share more information as soon as plans are finalized."