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Sears Holdings to Close 28 More Kmart Stores
The news came as the parent company released Q2 results, with same-store sales down 12 percent.
Sears Holdings will close 28 Kmart stores by the end of the year. The Hoffman Estates, Illinois-based retailer, whose headquarters are pictured here, saw comps down in its second quarter as the retail environment continued to pose challenges for it.
Hoffman Estates, Ill.--And so the struggles at Sears Holdings continue.
The company has announced it will close 28 more Kmart stores this year.
The full list of locations that are closing can be found online. All of these stores will close in mid-November, except for one store in North Miami Beach, Florida, which will close in mid-December.
Sears said that eligible associates affected by the closures will receive severance and will have the opportunity to apply for open positions at area Kmart or Sears stores.
The move is part of its restructuring efforts to streamline operations and reduce operating expenses, which the company said has resulted in more than $1 billion in annualized cost savings actioned to date (its goal is $1.25 billion).
The 28 locations join approximately 180 company stores already planned for closure in fiscal 2017 and another 150 stores expected to close by the end of the third quarter.
The news came as Sears Holdings released its second quarter financial results, reporting that comparable store sales were down 12 percent in the three-month period.
Kmart same-store sales, specifically, decreased 9 percent, while Sears comps declined 13 percent.
Total revenues in the second quarter were $4.4 billion, compared with $5.7 billion in the prior-year period.
The company attributed its results to a retail environment that “remained challenging,” with continued softness in store traffic and elevated price competition.
Sears also added that July was the best month for the quarter for the company in terms of comps “as the restructuring program actions, including the closing of unprofitable stores, have begun to take effect.”
Amid other major retailer news, Macy’s also recently announced a restructuring of its merchandising operations, which will result in the loss of about 100 jobs but is expected to save the company an estimated $30 million on an annual basis.
The restructuring includes the consolidation of three functions--merchandising, planning and private brands--into a single Merchandising function to be led by Macy’s veteran Jeff Kantor.
The news came as part of a press release issued announcing its appointment of former eBay North America senior vice president Hal Lawton as its new president.
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