Santa Maria Kmart Store Lands on Latest Closure List

Santa Maria Kmart Store Lands on Latest Closure List

Santa Maria Kmart Store Lands on Latest Closure List

The news comes as a crucial deadline for the bankrupt retailer Sears looms on whether the company survives or will be liquidated.

Any bid to purchase it must be approved by a bankruptcy court. The initial version of his rescue plan demanded that Lampert's ESL Investments hedge fund be released from liability related to any of its pre-bankruptcy transactions.

Sears declined to comment.

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

In October, Sears Holdings, which owns Kmart stores, announced that it was filing for Chapter 11 bankruptcy reorganization in order to try and save the company.

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

Sears has suffered for years, as US consumers increasingly turned their backs on brick-and-mortar stores.

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Some of Lampert's bid relies on $1.8 billion of Sears debt that ESL already holds and plans to forgive to back the offer, the sources said.

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

Eddie Lampert is asking for more time to round up financing for his bid to keep Sears Holdings Corp. alive, according to people with knowledge of the matter.

The 80 announced this week were in addition to the 40 unprofitable stores announced previously to close. It would preserve about 425 stores that Sears has yet to close, and secure the jobs of up to 50,000 workers out of the 68,000 employed by the retailer. Sears' corporate headquarters was not answering further questions, either.

The company released a list of the closing Sears and Kmart locations online and released the following statement.

Now comes the announcement of 80 more stores on the chopping block.

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