This latest round of closings would take Sears closer to 400 remaining stores, not the 500 it was seeking to continue to operate. The stores are expected to close by March; with liquidation sales starting in January. Lampert says his plan would let 50,000 Sears employees keep their jobs. He said he meant to bid $4.6 billion for 500 stores and other operating assets, including the Kenmore appliance brand.
A hedge fund controlled by Sears chairman Eddie Lampert is offering $4.6 billion. The final decision on Lampert's bid will be made by the judge overseeing Sears. It could extend the deadline - or it could decide to accept defeat and begin a plan to close all of its stores and liquidate its assets. That's in addition to 182 stores already slated for closure, including 142 by the end of 2108 and 40 by February.
The Kmart in Rapid City failed to survive the latest round of Sears Holdings.
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The additional closures come after the retail giant filed for Chapter 11 bankruptcy reorganization in October, driven by significant debt and waning sales.
Lampert had pledged to restore Sears to its glory days, when it owned the Sears Tower in Chicago, then the world's tallest building, and companies that included a radio station and Allstate insurance. The only Minnesota Sears store listed among them was the one located at the Bloomington mall.
Failing a successful purchase bid, Sears is facing the possibility of liquidation, ending the company's 125-year run as one of the country's best-known retailers.