A statement from the company says the store closure is part of a series of actions to reduce ongoing-expenses, adjust its asset base and accelerate the transformation of its business model. A liquidation sale will begin this Sunday.
The Peoria Kmart store has more than 70 employees. A Sears spokesman says eligible staff members will receive severance, and have the opportunity to apply for open positions at area Sears or Kmart stores.
The Kmart stores in Pekin and Morton will remain open.