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Sears Closing 80 More Stores In March, Faces Possible Liquidation

29 December 2018

Friday's announcement is on top of the previously planned closures, which included the Sears stores in Bloomington and on Rice Street in St. Paul.

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

- Sears announced it would close an additional 80 stores, including three in the Bay Area, as it teeters on the brink of liquidation. The Bloomington, Minnesota store as well as the Kmart in Rochester are both slated to close.

The closings include 43 Sears and 37 Kmart stores, the two brands operated by Sears Holdings, which filed for bankruptcy protection on October 15. But the only public bidder for those assets is the hedge fund controlled by Sears Chairman Eddie Lampert, who is the company's largest creditor and served as CEO until its bankruptcy. The include two Sears stores in Novi and Muskegon, but no Kmart stores in MI. If he doesn't, and Sears has no other bids, the company can do one of two things: liquidate its assets, which could take months to complete, or extend the deadline.

Since filing for bankruptcy, the retailer has announced plans to close more than a third of its locations.

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Friday is the deadline for bids to be submitted to buy Sears Holdings out of Chapter 11 bankruptcy.

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.

It also meant keeping Sears alive through complex investments from ESL.

Representatives for Sears, based in Hoffman Estates, Illinois, and for Bank of America declined to comment.

Sears Closing 80 More Stores In March, Faces Possible Liquidation