Published: Sat, December 29, 2018
Money | By Bruce West

Wellsville Kmart closing in March

Wellsville Kmart closing in March

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

Peru's Kmart store at 11 Sherwood Square will be one of 80 Sears and Kmart stores closing in March of next year, Sears Holdings has just announced. As part of the closings, the accompanying Sears Auto Centers at the Sears stores slated for closure will also shut down. No bid was made as of 4:45 p.m., Business Insider reported.

Suffering from falling sales and heavy debt, it planned to close 142 of about 700 stores and cut thousands of jobs. NY time under procedures outlined in court filings, and Lampert has been the only potential buyer aiming to keep the business running. Employees were informed of the closure on Thursday.

Sears told workers this week it expects to begin liquidation sales at the 80 stores in two weeks.

The iconic retailer, once the nation's largest department store chain, set a deadline of Friday for bids for its remaining stores to avert closing down completely.

Since filing for bankruptcy, the retailer has announced plans to close more than a third of its locations. The company's chairman, Eddie Lampert, is believed to be attempting to purchase the company through the hedge fund he manages, ESL Investments.

If Lampert secures a bid, it would save all of Sears' remaining assets, but some creditors have said they would prefer to liquidate the company.

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