Sears, Kmart stores will go to auction

SOUTHERN TIER--Area Sears and Kmart stores in Horseheads/Elmira and Bath will be headed to auction.
Documents were filed Wednesday, Nov. 21 in the Chapter 11 bankruptcy case of Sears Holding Corp.
In the filing, some 500 Sears and Kmart stores nationwide will be seeking bidders for the respective stores.
The Arnot Mall Sears store, 3300 Chambers Road, the Kmart store in Horseheads (1020 S. Center St.) and Bath (Route 415) are three of the properties set to be auctioned. The winning bidders for the stores could continue to operate the store, liquidate the store assets, or bring in another business. Sears itself may submit a bid for the stores it would like to operate, but Sears must submit their bid by Dec. 15.
The company Lazard Freres & Co. LLC is handling the bids. Bidding companies have until Dec. 28 to submit their information and a series of auctions are planned to begin Jan. 14.
James Tull, Arnot Mall General Manager, said the mall will work to replace the store if it closes. Tull said the real estate company will be on top of the situation and will know about the possible stores that may want to be at the mall.