Sears In Joliet Mall To Close Amid Bankruptcy

JOLIET, IL — Yet another retailer will close its doors in Joliet. The city's Sears store, 3340 Mall Loop Drive in the Louis Joliet Mall, is one of four Illinois Sears and Kmart locations that will shutter after the struggling retailer announced a bankruptcy filing, according to court documents. A total of 142 additional stores will close nationwide.

Along with the Joliet Sears store, Kmart locations in Norridge, Quincy and Moline will shut their doors, the filing says.

The closing is another economic blow to Joliet, where stores including Carson's and Toys R Us recently suffered a similar fate. A lawsuit against the Joliet Sears store was also filed in recent months.

Sears Holdings, the parent company of Sears as well as Kmart, made the filing in federal court in New York early Monday, the same day a $134 million debt payment was due.

The 125-year-old chain has had to close hundreds of stores in recent months. The closings announced Monday come in addition to 46 stores that were already set to close by the end of November.

The company is seeking a buyer for the majority of its remaining stores but said locations will remain open for the holiday shopping season. CEO Edward S. Lampert will also step down effective immediately, the company announced, but will remain chairman.

More Patch coverage:

• Sears Lays Off 220 At Illinois Headquarters
• Nearly 800 Layoffs, Closings At IL Walmart, Sears, Grocery Stores
• Sears Raises $100 Million, Looks At $200 Million In Cuts
• After Layoffs, Sears Gets $210 Million Loan
• Sears To Close Its Last Chicago Store
• Sears CEO's Hedge Fund Wants To Buy Kenmore, Other Assets

"Over the last several years, we have worked hard to transform our business and unlock the value of our assets," said Lampert said in a statement issued early Monday. "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.

"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," Lampert added.

Joe Vince, Patch Staff, contributed to this report.

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