Peoria’s Sears store will remain open for now as its parent company files for Chapter 11 bankruptcy protection.
Sears Holdings, which includes Kmart and Sears stores, is inundated by debt and falling sales. The company said Monday that it would begin liquidation sales and close another 142 stores before the end of the year.
Kmart locations in Quincy, Norridge and Moline are slated to close. Joliet’s Sears store will also shutter.
The company that dominated the American retail landscape in the 20th century joins a long list of stores ravaged by changing technology and shopping patterns.
Some stores have pulled out of bankruptcy court and found some stability, but the future of other long-standing retail institutions like Toys R Us are more doubtful.
