Grand Forks Kmart one of 80 Sears Holdings properties to close

Ann Santiago
December 30, 2018

The accompanying Sears Auto Centers will also be shut. Sears Holdings filed for Chapter 11 bankruptcy protection in October. He said he meant to bid $4.6 billion for 500 stores and other operating assets, including the Kenmore appliance brand.

A committee of Sears' other leading creditors has argued that the company should shut down the business, closing all the stores and liquidating its inventory and other assets.

According to CNN, 43 Sears and 37 Kmart stores will be closing by late March, with going-out-of-business sales set to start next week.

The Hoffman Estates company informed employees of the closings on Thursday.

The company, which had almost 700 stores at the time of its bankrutpcy filing, has been seeking a bidder willing to keep 500 of the remaining stores open as part of a reorganization of the business. That's in addition to 182 stores already slated for closure.

Sears CEO Edward Lampert left and former Sears CEO Alan Lacy

The Durham store closings are pieces of the struggling retailer's shrinking local footprint, which will leave the once-mighty department store giant with just one traditional store in the Triangle.

So far a hedge fund controlled by Eddie Lampert, Sears' former CEO and now largest creditor, is the only entity to publicly disclose a plan to bid. 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.

The WestShore Plaza Sears is the only Tampa Bay location included in the list, which has six other Florida stores. He's shuttered hundreds of money-losing stores, cut more than $1 billion in annual expenses, and spun off units such as Lands' End Inc.

Sears received a reprieve from liquidation after chairman Edward Lampert made a $4.4 billion bid to buy it at the last minute.

Reaction to the news of Sears' imminent closure online Friday came with decidedly little shock from Wichitans.


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