The Sears store at North Riverside Park Mall is among roughly 500 Sears and Kmart locations its parent company hopes to auction off in January in order to pay its debts.
According to a Nov. 21 filing in U.S. Bankruptcy Court in the Southern District of New York, Sears Holdings has until Dec. 15 to identify a “stalking horse” bidder for some or all of its assets.
While bidders may seek to keep the Sears and Kmart stores open as a going concern under new corporate ownership, Sears Holdings will also accept bids from firms seeking to liquidate the assets, according to the Nov. 21 court filing.
When Sears Holdings announced it was seeking Chapter 11 bankruptcy protection in October, it announced the closure of 142 unprofitable Sears and Kmart stores throughout the country by the end of 2018.
On Nov. 8, the company announced 40 more unprofitable stores would close in February 2019.
Prior to those announced closures, the company reported that it operated 506 Sears and 360 Kmart stores in total.
The Nov. 21 court filing identified 11 Sears and Kmart stores in Illinois as among the stores its parent is putting up for auction.
Other locations include the newly built Sears store at the Oakbrook Center mall; Sears locations in Bloomingdale, Chicago Ridge, Schaumburg, West Dundee, Peoria, Rockford and Fairview Heights; and Kmart stores in Bridgeview and Des Plaines.
Once Sears Holdings identifies a stalking horse bidder, the company will release more details regarding the sale and auction of the approximately 500 stores and other assets. The auction is scheduled to take place on Jan. 14 in New York City.
The Sears store at North Riverside Park Mall underwent a transformation about a year ago, reducing its footprint in the mall’s north anchor space by about half. It now occupies about 90,000 square feet in the upper level of the anchor space.
About half of the lower level will soon be home to a family amusement complex known as Round One. The business is currently hiring employees.