• News
  • Finance

Sears is closing in the Tri-Cities

Sears is closing in the Tri-Cities

In a statement released today by Sears Holdings.

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

Sears has been one of the four anchors at the Mall of America since it opened in August 1992.

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

Sears closed an additional 182 stores after filing for Chapter 11 bankruptcy protection in October. The company has been losing money and closing stores for years, and many employees blame its former CEO turned chairman, Lampert.

He is not, however, planning to flood Sears with cash - instead he would write off around $1.8 billion of its debt that he holds.

That proposal would keep Sears in business and preserve "tens of thousands of jobs", Lampert's hedge fund said in a letter to Sears' investment banker earlier this month.

The 130-year old retailer set a deadline of Friday for bids for its remaining stores to avert closing down completely, the Associated Press reported. The closure of another 40 stores was announced in November.

Once the nation's biggest retailer, Sears was also its first "everything store", stocking items from jewelry to clothing, from hardware to prefabricated homes.

Sears declined to comment.

Sears told the bankruptcy court it has interest from multiple parties.

But as Lampert stares down a deadline of December 28 to submit his offer, he has neither submitted his bid, nor rounded up financing, said the people familiar with the situation.

Leave Your Comment

Leave Your Comment

Latest News

Breaking News


Guatemalan boy detained at border dies in U.S. custody

Jakelin Caal's December 8 death reignited debate in the United States over immigration policy and the treatment of migrants. He was taken with his father to a hospital where he was diagnosed with a common cold and given Tylenol (paracetamol).

Mourinho deserves respect for achievements at Man United - Luke Shaw

The bay face assassin described Ferguson as his "mentor" and said he wants to follow the attacking pattern laid down by the legendary former boss.

White House: Trump would accept less money for border wall

The October 2013 shutdown, which lasted 16 days, happened after the House and Senate deadlocked over the Affordable Care Act. President Donald Trump is not going to be in Mar-a-Lago this Christmas and he really wants everyone to know it.

Real Madrid claim third straight Club World Cup title

After River Plate was upset by the host club, everyone knew it would be Real Madrid lifting the trophy once again. If they win, Real would become the first club to win four Club World Cup championships.

Manchester City players gave everything in loss to Crystal Palace - Guardiola

The Ralph Hasenhuttl revolution continued as Southampton beat Huddersfield 3-1 at the John Smith's Stadium. It was the first time United had scored five goals since Sir Alex Ferguson's final game in charge in 2013.

Trump Says Shutdown 'Totally Up To The Democrats'

They warn that "caving" on Trump's repeated wall promises could hurt his 2020 re-election chances, and other Republicans' as well. A partial shutdown would force federal parks to close unless the government also declares them an essential service.

Putin: West disrespecting voters' choices of Trump and Brexit

Putin also said sanctions imposed by Western countries on Russian Federation were the result of the country's increasing global influence.

Interim manager would hold Manchester United back, says Fletcher

Solskjaer, along with Laurent Blanc, were the main contenders for the role following Jose Mourinho's sacking . Jose Mourinho paid the price for a dismal start to the season (Martin Rickett/PA).

Penny Marshall, Acclaimed Actress and Director, Dead at 75

It's a attractive , touching movie that made Marshall the second woman ever to direct a film that was nominated for Best Picture. Sitting on a sit-com set 40 years later, thinking about milk & pepsi, rodeo-doh-doh-doh & so many of her brilliant moments.

Frozen Features In Latest Kingdom Hearts III Screenshots

Kingdom Hearts III director Tetsuya Nomura put out a response to the leaks on Twitter through the main Kingdom Hearts account. From the trailer, we know that the game touches on familiar themes like stolen hearts, worlds, destinies, and returning home.