Sears to close 142 stores after bankruptcy filing, 2 in Minnesota

What was once a retail giant has fallen on hard times.
Author:
Publish date:

Sears will close another 142 stores in the U.S. after filing for Chapter 11 bankruptcy protection on Monday – including 2 in Minnesota.

The retail chain, which was once America's biggest, confirmed the impending closures on Monday, saying it has identified 142 unprofitable Sears and Kmart stores that will shutter before the end of the year.

Liquidation sales will begin at these stores shortly, and the company will also look for buyers for many of its other remaining stores, of which there will be around 550 after the latest closures.

The Minnesota locations that will close are the full-size stores on Rice Street in St. Paul and at Ridgedale Center in Minnetonka.

Its location at the Mall of America in Bloomington will be its only full-size store left in Minnesota, after the retailer earlier this year brought an end to the stores at Miller Hill Mall in Duluth and Shingle Creek Crossing in Brooklyn Center.

It still has almost two dozen of its smaller "Hometown" stores and auto centers dotted around Minnesota.

Minnesota's remaining Kmart stores are safe for now.

Edward Lampert, chairman of Sears Holdings, says the company's efforts to transform its business has progressed, but not yet delivered the results they wanted.

Follow Bring Me The News on Flipboard for more stories.

"The Chapter 11 process will give Holdings the flexibility to strengthen its balance sheet, enabling the Company to accelerate its strategic transformation, continue right sizing its operating model, and return to profitability," he added.

"As we look toward the holiday season, Sears and Kmart stores remain open for business and our dedicated associates look forward to serving our members and customers."

It marks a remarkable downturn of the brand that was once America's largest retailer and employer after it was founded in 1886.

It failed to keep up with the times however, losing market share to price-cutting competitors like Walmart and Home Depot, before struggling further in the Amazon age.

Next Up

Adam Thielen

Vikings place Adam Thielen on COVID-19/reserve list

Thielen is coming off a two-touchdown game against the Cowboys.

MCF Oak Park Heights

COVID-positive inmate at Oak Park Heights prison dies

He becomes the fourth prison inmate to die from the virus.

Screen Shot 2020-11-23 at 1.08.19 PM

2-ton smoker stolen from Twin Cities chef Thomas Boemer

Boemer is the chef behind restaurants including the popular Revival.

Governor Tim Walz

Walz says relief package is coming for Minnesota small businesses

Walz is prepared to call a special session and pass the package immediately.

Governor Tim Walz

Watch live: Gov. Tim Walz COVID-19 press conference Monday

Walz will be introducing a new app that helps Minnesotans track COVID-19 exposures.

Related

Sears to close Mall of America store, Kmart in Rochester

The beleaguered retailer is shutting 80 stores nationwide.

2 Sears stores, 1 Kmart to close in Minnesota

It's the latest round of closures announced by the struggling retailer.

Screen Shot 2019-09-01 at 9.02.22 PM

Kmart to close 2 of its 3 remaining stores in Minnesota

The stores in St. Paul and International Falls are closing.

Sears to close its Maplewood store

The retailer has been struggling for years.

St. Paul Sears closing forever Sunday, leaving 2 locations in MN

You have until 6 p.m. to shop at the historical Rice Street location

Report: Gymboree prepares for bankruptcy, set to close most stores

The children's clothing chain has 7 stores in Minnesota.

Gander Mountain files for bankruptcy, 3 Minnesota stores to close

The outdoor and hunting goods retailer is shuttering 32 stores around the country.