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Chicago Tribune: Sears files for bankruptcy protection, to close another 142 stores
Sears Holdings Corp., parent of the Sears and Kmart retail chains, has filed for bankruptcy protection — a last-ditch effort to save an American icon that shaped shopping habits for more than a century.
Chairman Edward Lampert is stepping down immediately from his role as CEO, a post he has held since 2013, and the company plans to close 142 unprofitable stores near the end of the year, in addition to the 46 stores it had already identified. The company did not specify whether the closings would be Sears or Kmart stores or their locations. Three executives will be responsible for managing the company’s day-to-day operations in an office of the CEO.
Northwest Herald: Monetary terms of Algonquin Township lawsuit settlement a ticking clock
The clock is ticking for Algonquin Township officials.
A paragraph in a $40,000 settlement agreement getting the road district out of a public records lawsuit from a downstate watchdog group gave the township board 10 days after its Oct. 10 meeting to audit the payment, according to a copy of the agreement obtained by the Northwest Herald using the Freedom of Information Act.
Daily Herald: Metra's threat of service cuts fails to grab state's attention
Two separate but related transportation news stories surfaced back-to-back last week.
On Tuesday, Metra released the proposed 2019 budget with no fare increases but dire warnings of service cuts that could wipe out entire train lines unless a funding fairy godmother pops up.
Rockford Register-Star: Tax rebate for Costco to top $4.2M
Aldermen meet Monday to consider more than $11 million worth of sales tax rebates to lure Costco and additional retail business to the city’s East Riverside Boulevard corridor.
Costco is under contract to buy 16-acres from Spring Creek Development in the 7900 block of East Riverside. The proposed tax rebates are meant to entice Costco to build a 100,000-square-foot store on that site and to encourage the developer to bring additional retail business to its adjacent commercial property.