Local Kmart among 80 Sears and Kmart stores to close

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Eddie Lampert is asking for more time to round up financing for his bid to keep Sears Holdings Corp. alive, according to people with knowledge of the matter.

Sears, which hasn't been profitable since 2010, has already begun the painful process of dramatically downsizing, announcing the shuttering of almost 200 stores over the last three months and reportedly looking into closing 50 to 80 stores in the near future.

Sears Chairman Eddie Lampert made a $4.6 billion offer to buy the US retailer earlier this month, which called for about 500 Sears stores to remain open.

The City of Rapid City tweeted that the closing of Kmart is more reflective of national retail issues, rather than anything local.

The announcement came on the same day that Sears faced a deadline to find a seller for the company as part of its bankruptcy. They have also taken aim at his efforts to fund $1.8 billion of his bid by forgiving Sears debt owed to him, through a so-called credit bid.

The 130-year old retailer set a deadline of Friday for bids for its remaining stores to avert closing down completely.

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These closures are in addition to the previously announced closure of 40 unprofitable stores expected to be completed in February, the release says.

But no official bid appeared to have emerged as of 4 p.m. Friday. But the cultures of Sears and Kmart employees were different, as were its shoppers - cross-selling Sears' appliances and Kmart's apparel proved less successful than originally planned.

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

Columbia Center's movie theater also recently closed but is being replaced by a Dick's Sporting Goods, now under construction.

As recently as 2012 the company operated 4,000 Sears and Kmart stores.