Chairman Looks To Save The Retailer From Liquidation In Final Hours

Jermaine Castillo
December 29, 2018

Total costs related to closing 73 Sears stores and 28 Kmart stores in the third quarter ended November 3 amounted to $229 million, the company said earlier this month.

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

That's in addition to 182 stores already slated for closure, including 142 by the end of 2108 and 40 by February.

The company plans to shutter 80 stores beginning in late March and liquidation sales could begin in two weeks, the company said.

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The company informed associates Thursday of the upcoming closures, according to a release posted on the Sears Holdings website.

Sears chairman Eddie Lampert proposed to buy out the company as a whole through his hedge fund, ESL Investments, for $4.6 billion.

"ESL believes that a future for Sears as a going concern is the only way to preserve tens of thousands of jobs and bring continued economic benefits to the many communities across the United States that are touched by Sears and Kmart stores", the firm said in a prepared statement.

Customers can use the store locator function on our web sites to find the location of their nearest Kmart and Sears stores.

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Sears did not immediately respond to Fortune's request for comment. Sears faces a self-imposed deadline of 4 pm ET on Friday for bids.

Sears, which employs about 68,000 workers, filed for Chapter 11 in October and wants to sell 500 of its remaining stores.

But the onset of discounters like Walmart created challenges for Sears that have only grown and it faced even more competition from online sellers and appliance retailers like Lowe's and Home Depot.

Sears told the court it has seen interest from multiple parties, including some who would liquidate the company, according to a CNN report. The company has struggled over the last few years as malls have become less convenient and clothing trends more casual, CNBC reported. The accompanying Sears Auto Centers will also be shut.

What's open and closed this Holiday Season
Those tackling home improvement jobs on Wednesday will be able to pick up supplies at both Home Depot and Lowe's . Arenas close at 2 p.m. on Christmas Eve and New Year's Eve and will be closed Christmas Day and New Year's Day .

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