Last Kmart in Erie Area Expected to Close in March

Sears has 24 hours to be saved

The iconic American retailer and employer of 68,000 people, founded 125 years ago, is seeking a bidder to buy it out of Chapter 11 bankruptcy by a 4 p.m. EST deadline Friday.

Other regional Kmart stores scheduled to close are in Rochester, Minn., and Rapid City, S.D.

The closing includes one Kmart location in IN at 11 Sherwood Square in Peru.

Sears told workers this week that it expects to begin liquidation sales at the 80 stores (addresses listed below) in two weeks.

A hedge fund controlled by Sears chairman Eddie Lampert is offering $4.6 billion. The accompanying Sears Auto Centers will also be shut.

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Sears filed for bankruptcy on October 15.

At the time of the filing, it operated about 700 Sears and Kmart stores. NY time under procedures outlined in court filings, and Lampert has been the only potential buyer aiming to keep the business running.

It's unclear how many are employed by Sears in the Tri-Cities. This is in addition to the previously announced closure of 40 unprofitable stores expected to be completed in February 2019.

While Lampert has said he intends to make the bid, he has not formally filed one with the bankruptcy court.

In the spring, Sears Holdings plans to close 80 additional Sears and Kmart locations around the country including its Fairview Heights store.

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