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Sears Holdings Closing More Stores
The company announced Thursday that 68 Kmart and 10 Sears will close by mid-September.
Hoffman, Ill.--Following a recent evaluation of store performance, struggling Sears Holdings announced Thursday that it will shutter a total of 78 stores by mid-September--68 Kmart stores and 10 Sears locations.
All the stores are slated close in late July except for two Kmart stores, a Super K in Lorain, Ohio and one in Taylor, Mich. Those stores will remain open until mid-September.
Liquidation sales will begin May 12 at the Kmart stores and April 29 at the Sears stores.Sears Holdings said that eligible associates impacted by the store closures will receive severance and have the opportunity to apply for open positions at other area Sears or Kmart stores.
A complete list of the stores slated to close is available on SearsHoldings.com.
Sears’ decision follows its announcement in February that it would be speeding up the process of closing unprofitable stores and using the money from liquidation sales and the sale or sublease of some of the related real estate, along with more than $1.2 billion in debt financing raised, to attempt to return to profitability.
Other major chain retailers that have announced widespread store closings recently include Walmart and Macy’s.
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