Markets

Sears to close store at Fox River Mall

Sears to close store at Fox River Mall”

Sears Holding Corps. listed the Parkville Kmart and the Salisbury Sears among the 80 locations scheduled to close by late March 2019.

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. And Kmart on Pass Road in Gulfport closed years ago.

The City of Rapid City tweeted that the closing of Kmart is more reflective of national retail issues, rather than anything local.

In October, Sears filed for Chapter 11 bankruptcy protection.

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Under hedge fund manager Eddie Lampert, Sears has bought time by spinning off stores and putting on the block the brands that had grown synonymous with the company, such as Craftsman.

Sears is down 1.1% in after-hours trading. That's in addition to 182 stores already slated for closure.

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

If Lampert does submit a bid - which will be made public - it would be decided by next Friday whether he is a qualified bidder.

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Sears will also close its store in Oconomowoc.

All bids must be submitted to by Friday at 4 p.m. ET. He was invested millions into Sears with the help of ESL as he worked to try to keep the Sears alive, including a loyalty program for customers with "Shop Your Way", CNBC said. The accompanying Sears Auto Centers will also be shut.

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

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