CherryVale Sears To Close, Despite Bankruptcy Protection
Even though billionaire Eddie Lampert won a bankruptcy auction after strengthening his bid in several days of negotiations with Sears' creditors, the store at CherryVale will shutter in March.
Sears plans to close 80 more stores in March, including the location at CherryVale Mall. Sears had already announced plans to close 182 stores after seeking Chapter 11 bankruptcy protection in October. The company says the latest round of cuts comes with liquidation sales expected to begin in two weeks.
Eddie Lampert, Sears' chairman and largest shareholder, upped his offer to more than $5 billion and added a $120 million cash deposit to steer the company into bankruptcy protection.
But, that wasn't enough to change the fate of the CherryVale location.
From 23 WIFR News:
A CherryVale Mall spokesperson released a statement Friday afternoon on the upcoming closure:
"In anticipation of this closure, we have proactively engaged in discussions with a number of retailers and other users. We are working on plans to redevelop the Sears building, but at this time it's too early to provide a concrete timeline or tenant names. Our next step will be to continue discussions and negotiations with alternate users. We'll be excited to share more information as soon as plans are finalized."