Moline Kmart will close as part of Sears bankruptcy

One of Sears' major shareholders just dumped a chunk of his stock for pennies on his original investment

One of Sears' major shareholders just dumped a chunk of his stock for pennies on his original investment

As the company files for Chapter 11 bankruptcy protection, Sears will be closing more than 142 stores across the country.

The company filed bankruptcy a year ago and said it would close 46 stores initially.

Shares in Illinois-based Sears closed at about 41 cents on Friday, down from over $100 in the years after hedge-fund star Lampert, once hailed as another Warren Buffett, merged it with discount store Kmart in a $11 billion deal in 2005.

The location at the Jefferson Mall in Okolona will shut down by year's end, according to CNN.

Sears has filed for Chapter 11 bankruptcy, meaning it intends to reorganize and stay in business.

Sears was built on two brilliant observations.

How many Sears stores are there now, and how many will still be in business by the end of 2018?

The company said it meant to reorganize around a smaller store platform, a strategy it said would help save tens of thousands of jobs. The original Kmart store in Garden City closed previous year.

The REITs have looked forward to a bankruptcy to remove the eyesore of many Sears stores.

But despite efforts to revive it, the company has not turned a profit since 2011.

But in recent decades the company struggled in a quickly shifting retail environment, battered by competition from big-box stores and then by the meteoric rise of Amazon and other e-commerce players.

"We're still here", said Bill Becker, owner of Jasper's Sears Hometown store.

A Sears store in Independence was not included among the 142 closures.

The company made a filing under the Chapter 11 of the United States Bankruptcy Code on Monday. A long series of store closings has left it with under 900 today. The company, known for refrigerators, washing machines, and other appliances, says that about 1 percent of its accounts receivable exposure is related to Sears. That could boost same-store sales at many chains.

Eddie Lampert resigned as CEO but will remain as chairman, Sears said.

Sears Holdings ($SHLD) reached a deal with lenders over the weekend that will reportedly require it to shut almost 150 stores immediately as it reorganizes.

While local customers are disappointed their Kmart is closing, a majority of those leaving the store on Monday were more upset about the pharmacy within the store closing.

A Columbia Gramophone Grand pictured in a Sears Roebuck catalog from 1902. Its shares shot up on Wednesday on the news that Sears was preparing for bankruptcy, even amid a sell-off in the broader market. Put bluntly, it has failed on every facet of retailing from assortment to service to merchandise to basic shop-keeping standards. In many cases, the Sears liquidation sale prices are along the lines of what shoppers have seen regularly in weekly circulars and special sales events.

Getting out of these ancillary businesses was supposed to allow Sears' executive team to focus on luring people to Sears stores to buy consumer goods again - but they had limited success.

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