Oct. 15, 2018

Sears Holdings Corp. has filed for Chapter 11 bankruptcy and plans to close 142 stores before the end of the year, according to a filing today.

It already has closed its Kmart and Sears stores in Sioux Falls and Sears in Rapid City.

It has a Kmart store in Rapid City and Sears Hometown stores in Spearfish, Watertown and Yankton. Those stores are not on the list of sites to be closed.

Its CEO, Eddie Lampert, is stepping down but remaining board chairman of the Illinois-based retailer.

“Over the last several years, we have worked hard to transform our business and unlock the value of our assets,” Lampert said in a statement. “While we have made progress, the plan has yet to deliver the results we have desired, and addressing the company’s immediate liquidity needs has impacted our efforts to become a profitable and more competitive retailer.”

Sears and Kmart stores will stay open for the holiday season, Lampert said. Its digital platforms also will stay open, and loyalty programs will continue.

“The company is committed to working with its vendors and other partners to help maintain inventory levels and ensure timely product delivery,” according to its statement.

Sears Holdings has closed 725 stores in the past two years; after the next round of closings, the company will be left with about 550 locations.

Simon, the owner of The Empire Mall, is making plans to redevelop the former Sears site.

Empire Mall begins marketing Sears space as Younkers teases its return