Sears to close 80 more stores ahead of possible bankruptcy

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The Kmart in Rapid City failed to survive the latest round of Sears Holdings.

The store at Grand Cities Mall is one of 80 locations across the United States that will close in spring, according to a Sears news release.

Bids were due Friday at 3 p.m. The store, once a shopping mall mainstay, has slowly declined in recent years and was slow to respond to the trend in online shopping.


The Auto Centers at both locations will close in January; the stores will remain open until March. NY time under procedures outlined in court filings, and Lampert has been the only potential buyer aiming to keep the business running.

CNBC reported earlier this month that the retailer was weighing closing 50 to 80 more stores, in a fight to stay alive. Liquidation sales at the stores should begin in two weeks, Sears said. The company's chairman, Eddie Lampert, is believed to be attempting to purchase the company through the hedge fund he manages, ESL Investments.

That's in addition to 182 stores already slated for closure, including 142 by the end of 2108 and 40 by February.


While Lampert has said he intends to make the bid, he has not formally filed one with the bankruptcy court.

A committee of other creditors, including vendors and landlords, has proposed that Sears instead move forward with plans to shut down the business, closing all the stores and liquidating its inventory and other assets.


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