Sears/Kmart to close 100 stores, including one locally
- Author: Adam Floyd Jan 08, 2018,
Jan 08, 2018, 1:57
Earlier Thursday, Macy's Inc. announced it was closing 11 stores early this year. The department store opened in Prices Corner in 1963.
Liquidation sales will begin as early as January 12 at the stores being closed. No Kmart stores in OR were targeted for closure.
Sears Holdings will close 64 Kmarts and 39 Sears across the nation.More news: Comey shames Republican silence on Trump's attacks against Justice Dept and Federal Bureau of Investigation
Sears' latest store closures follow a year of cost-cutting and a pair of deals announced last month that Sears said would give it more financial flexibility heading into 2018. With its lack of merchandise, Sears failed to distinguish itself from other retailers, she said. Sears leases the almost 200,000-square-foot store from Seritage Growth Properties, a real estate investment trust spun off from Sears in 2015.
Seritage aims to capture higher rates by slicing up Sears anchor stores into smaller spaces and re-leasing them - such as the former Sears at the King of Prussia Mall, which is now occupied by a Primark and a Dick's Sporting Goods. Retail and office space will occupy the lower two levels, replacing Sears' parking lot.
The company reported a net loss of to $558 million, or $5.19 per share, on sales of $3.7 billion in the three months ending October 28.
"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". "People are changing their style of shopping".