The Sears Company (also parent to K-Mart) announced this morning they would seek Chapter 11 protection in an effort to restructure the company back into profitability. As part of this effort, they announced the closing of 142 additional locations (on top of the 46 announced in August), and in the mix is Deptford Mall’s Sears store as well as Glassboro’s K-Mart on Delsea Drive. Media reports say they are expected to be closed before the end of the year.
Looking at the K-Mart location page, this will effectively erase K-Mart from the 42Freeway area… with the only South Jersey location being Somers Point.
This is widely reported in mass media and an article in USA Today says the liquidation sales are to begin within two weeks (based on a court filing)
The Deptford Mall Sears store comes as a surprise as the mall is generally very healthy, but the Sears location had been openly marketed as available for lease for over a year, and has been the target of rumors for Dave and Busters (now going to the Gloucester Outlets) and other retailers including a sporting goods store. No indications if there is something already lined up for Sears Deptford.
Check out the USA Today article for more details.