Sears announces more store closings
Sears Holding Corp. has announced yet another round of store closures, with Kmart taking a big hit.
The embattled retailer said it will close 63 stores, including 45 Kmart locations and 18 Sears stores. The stores will close after the holidays, in late January. But liquidation sales will begin as early as Nov. 9. (For a list of the stores that are closing, click here.)
“Sears Holdings continues its strategic assessment of the productivity of our Kmart and Sears store base and will continue to right size our store footprint in number and size," the retailer stated in an announcement on its website. "In the process, as previously announced we will continue to close some unprofitable stores as we transform our business model so that our physical store footprint and our digital capabilities match the needs and preferences of our members."
Sears said eligible associates impacted by the store closures will receive severance and will have the opportunity to apply for open positions at area Kmart or Sears stores.
For its most recent quarter, Sears' revenue fell to $4.37 billion from $5.66 billion in the year ago period, with store closures contributing to approximately $770 million of the decline. Same-store sales were down 11.5%.
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