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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.

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