In a statement released today by 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. It wants someone to buy about 500 of its stores and the Kenmore appliance brand to keep Sears and Kmart open for business.
The City of Rapid City tweeted that the closing of Kmart is more reflective of national retail issues, rather than anything local. "This is in addition to the previously announced closure of 40 unprofitable stores expected to be completed in February 2019".
Lampert proposed to put in relatively little additional cash of his own as part of his planned bid, instead offering to forgive some of the money he is owed and then having the new version of Sears borrow money.
Lampert put forward a $4.6 billion proposal to buy the company out of bankruptcy through his hedge fund, ESL Investments, on December 6. Should Lampert submit a bid, Sears' advisors would have until January 4 to decide whether he is a "qualified bidder". The closures include Sears stores in the Rockford suburb of Cherry Valley and in downstate Fairview Heights, near St. Louis, according to a list from the retailer.
It also meant keeping Sears alive through complex investments from ESL.
But no official bid appeared to have emerged as of 4 p.m. Friday.
Sears told the court it has seen interest from multiple parties, including some who would liquidate the company, according to a CNN report.
The company also has a lot riding on its holiday season sales, which Sears indicated are not going as well as it had hoped.