Moline's Kmart has closed

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MOLINE, Il (KWQC) - The last Kmart in the Quad Cities has closed its doors. The store is located in Moline along the Avenue of the Cities. It was announced last year that this Kmart would close after the holidays. Kmart used to have two stores in Davenport and one in Rock Island, all those stores closed a while ago.
Kmart is owed by Sears which has been facing financial difficulties. On Tuesday, the company's chairman was given a 11th hour reprieve. The chairman has until 4 p.m. on Wednesday to come up with an offer to keep a smaller version of the retailer alive. He must put down $120 million deposit and new deal terms to allow to take part in a bankruptcy auction for Sear's assets next Monday. If he doesn't. liquidators will likely prevail in the sale and Sears will go out of business.