Sears announces more store closures, including 3 in Bay Area

Jermaine Castillo
December 30, 2018

ESL said it expected to employ 50,000 at the 500 stores it proposed acquiring, out of 68,000 employees Sears said it had at the time of its bankruptcy filing. It filed for bankruptcy in October with about 700 stores still open, but plans to close 142 unprofitable locations.

Sears Chairman Eddie Lampert's hedge fund said it submitted a last-minute bid Friday valued at $4.4 billion to keep the struggling retailer from being liquidated. Experts say most of the already-closed stores will likely face demolition because of difficulty in finding new tenants to utilize stores of that size, typically 10,000 square feet or more.

The City of Rapid City tweeted that the closing of Kmart is more reflective of national retail issues, rather than anything local.

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In Mississippi, Kmart's website also lists a store in Columbus.

Sears, which hasn't been profitable since 2010, has already begun the painful process of dramatically downsizing, announcing the shuttering of almost 200 stores over the last three months and reportedly looking into closing 50 to 80 stores in the near future.

Sears told the bankruptcy court it has interest from multiple parties. The final decision on Lampert's bid will be made by the judge overseeing Sears. They argue its the best way to stem losses and return the greatest amount of cash to the people and businesses owed money by Sears.

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The Sears at the Towne East Mall on East Kellogg is among 80 that will be closing nationwide in March.

The retailer, for years called Sears, Roebuck & Co. and famous for its massive catalog, boomed in the decades after World War II along with a growing middle class.

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