Sears To Close Mall Of America Store In March

Dec 29, 2018, 01:40
Sears To Close Mall Of America Store In March

The company says it has announced the latest round of closings as part of a financial restructuring.

The move comes as a 3 p.m. Friday deadline looms for potential buyers to bid for Sears' assets including 500 of its stores and the Kenmore appliance brand.

The local Kmart retail store here in Rapid City will be closing their doors late March of 2019.

Sears associates were told December 27 and liquidation sales are expected to begin in two weeks.

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The 80 stores - comprised of 43 Sears and 37 Kmarts - are due to close by March.

The Wellsville location at 121 Bolivar Road is on the list, as is New York Kmarts in Horseheads, Greenwich and Queensbury. Sears faces a self-imposed deadline of 4 pm ET on Friday for bids.

Sears Chairman Edward Lampert earlier advanced a $4.6 billion proposal to buy the company out of bankruptcy through his hedge fund, but he hasn't officially submitted a bid.

Lampert, though, hasn't submitted a bid or come up with financing as of Thursday afternoon, the people said.

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A bid that would keep Sears in business also gives lenders who aren't first in line to be repaid a shot at retrieving a larger portion of what they're owed.

Sears filed for bankruptcy on Oct 15, holding just of 700 stores at the time. Lampert poured millions of dollars through ESL into Sears, which struggled for years with losses and debt.

The employer of more than 68,000 filed for bankruptcy in October. The company informed associates at 80 stores nation wide of closing.

Some creditors he asked to support his offer have called his efforts to keep Sears alive a "foolhardy gamble with other people's money", according to court filings.

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