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Sears at Crossroads slated to close in early 2019

29 December 2018

Bankrupt department store chain Sears is nearing the end of a self-imposed deadline for its survival, as today is the last opportunity for potential buyers to bid on its assets.

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

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

The Sears in the Columbia Center mall in Kennewick is one of the anchor tenants.

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

Sears stores in Novi and Muskegon will close in MI. Instead, he wants to forgive about $1.8 billion of the debt he holds from Sears.

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.

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Sears told the bankruptcy court it has interest from multiple parties. Sears' chairman, Eddie Lampert, has been trying to buy the company out of bankruptcy through his hedge fund, ESL Investments.

But no official bid appeared to have emerged as of 4 p.m. Friday.

Sears is not indicating how many employees are affected by the closure. If he cannot complete the bid, Sears could try to push back the deadline or go ahead with creditors' demands to begin shutting down the business.

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Sears at Crossroads slated to close in early 2019