Markets

Rapid City Kmart to close

Rapid City Kmart to close

Sears has told a bankruptcy court it has received several bids.

Sears plans to close 80 more stores across the U.S.in March, as the bankrupt retailer may be forced to liquidate its business entirely, CNBC has learned.

Liquidation sales are scheduled to begin in two weeks, the company said.

Sears previously announced its stores at Citrus Park Town Center in Tampa and at Country Side Mall in Clearwater, as well as Kmart stores at 5400 E. Busch Boulevard in Tampa and 1602 W. Brandon Boulevard in Brandon. The store, once a shopping mall mainstay, has slowly declined in recent years and was slow to respond to the trend in online shopping.

With Sears (SHLDQ) in bankruptcy, Friday is its last hopes of emerging and saving itself from liquidation.

Cardinals claim D.J. Swearinger off waivers
He's also a Pro Bowl level talent, which is something the Kansas City Chiefs are lacking in their secondary. So I can only put my heart in this s--, dog. and give them what I can give them.

Terming any rescue effort as "akin to raising the Titanic and making it seaworthy again", NY retail industry analyst Neil Saunders on Friday said: "The lack of bids and the difficulties Eddie Lampert is having in raising financing for his own offer reflects the fact that Sears is essentially worthless".

The charges entail markdowns, severance costs and lease termination costs arising from store closures, which the company announced in October, when it filed for Chapter 11 bankruptcy protection. Instead, he wants to forgive about $1.8 billion of the debt he holds from Sears.

If Lampert does submit a bid - which will be made public - it would be decided by next Friday whether he is a qualified bidder. But the cultures of Sears and Kmart employees were different, as were its shoppers - cross-selling Sears' appliances and Kmart's apparel proved less successful than originally planned.

The company also operates Hometown Stores in Mexia and Temple.


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