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Grand Forks Kmart to close in March

Grand Forks Kmart to close in March

As part of its bankruptcy deal, the once iconic retail chain said it would close more than 170 of its 700 stores by the end of the year. The stores are expected to close by March; with liquidation sales starting in January. Sears Auto Centers at those locations will also close. The Santa Barbara Sears store closure added up to another 72 jobs.

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.

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. The rules give Sears flexibility to extend the deadline or make other changes that might promote more bids.

Sears CEO Edward Lampert left and former Sears CEO Alan Lacy
Sears Bankruptcy Update: Chairman Looks To Save The Retailer From Liquidation In Final Hours

Some Sears creditors, including landlords and vendors, believe shutting down the company is the best way to retrieve the greatest portion of the money Sears owes them. Last week, for example, U.S. Bankruptcy Court Judge Robert Drain allowed the beleaguered retailer to sell its home-improvement service business to Service.com for $60 million. "Customers can use the store locator function on our web sites to find the location of their nearest Kmart and Sears stores".

Earlier this month, the hedge fund run by Sears Chairman Edward Lampert said it would offer about $4.6 billion for numerous retailer's remaining assets, including about 500 Sears and Kmart stores and its well-known Kenmore and DieHard brands.

Sears is an original anchor tenant at the Mall of America, where its three-level store opened in 1992.




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