A total of 150 Kmart stores will offer their final blue light special in early 2017 and the Racine Kmart site at 2211 S. Green Bay Road will be among them, according to a story by Business Insider.

Sears Holdings owns Kmart. The Chicago Tribune reported Wednesday that Sears Holdings is borrowing money from its CEO Edward Lampert.

“The Hoffman Estates-based retailer said Wednesday that affiliates of Lampert’s hedge fund, ESL Investments, agreed to loan the company up to $500 million, backed by mortgages on Sears’ properties, to fund operations while it works to sell real estate to pay back debts.”

In the meantime, employees of 108 Kmart stores were told Wednesday that their store would close. The closures are in addition to 46 store closures announced on Dec. 27. The store in Platteville will also close.

No final dates have been announced.

 

 

Powered by Foreclosure.com

Denise Lockwood

Denise Lockwood has an extensive background in traditional and non-traditional media. She has written for Patch.com, the Milwaukee Business Journal, Milwaukee Magazine and the Kenosha News.