Sears Auto Center is set to close late January, while the retail portion is expected to be gone sometime in March. The other affected California stores are in Stockton, Apple Valley, Santa Maria and Auburn. Instead, he wants to forgive about $1.8 billion of the debt he holds from Sears.
Employees, the release said, were notified of the closures Thursday.
Sears has announced another round of store closures that will happen at the end of the first quarter next year.
Sears Chairman Eddie Lampert made a $4.6 billion offer to buy the US retailer earlier this month, which called for about 500 Sears stores to remain open.
The latest announcement comes a month after the company said 40 Sears and Kmart locations will be closed by February 2019. But he also needed cash, and some lenders have balked because Sears has been losing money for years, and suppliers are concerned they might not get paid for goods that they ship to restock stores. The company had 68,000 workers at the time of its bankruptcy filing. The rules give Sears flexibility to extend the deadline or make other changes that might promote more bids. There are smaller Sears Hometown stores in many Minnesota communities. It could extend the deadline - or it could decide to accept defeat and begin a plan to close all of its stores and liquidate its assets. The company hadn't turned a profit since 2010, and has lost about $11 billion since 2011.
The company also operates Hometown Stores in Mexia and Temple.