New York (CNN Business) Sears continues its struggle to survive.

The iconic but now bankrupt retailer announced Friday it was closing 80 more Sears and Kmart stores. It also received a last-minute bid from its chairman to keep much of the rest of the business alive. The company's future remains very much in doubt.

Eddie Lampert, the Sears chairman and its largest creditor, met a deadline imposed by the company for potential buyers of hundreds of stores and other Sears assets.

Lampert, who is Sears' largest creditor, said his plan would keep 425 stores open, rather than the 500 stores he proposed earlier. He also cut the price he's willing to pay by $200 million to $4.4 billion.

He says he still plans on offering jobs to as many as 50,000 employees. And he said he had received $1.3 billion in loan commitments from three leading financial institutions, which he did not identify.

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