In a recent announcement, 46 Kmart and Sears Stores will be closing in the next fatal swoop against brick and mortar business. The struggling retailers are to be closed this year. The company has announced the closing over more than 100 other stores this year alone, including in its hometown Chicago. This was the last remaining Sears there, and was a tragedy in the company. Employees at the Kmart and Sears stores were notified that their places of employment would be closed by this coming November.
In the beginning of the Kmart and Sears merger, there were roughly 3,500 stores existing between them. Only about 900 stores remain, and more closings are very likely as the market for brick and mortar businesses declines. The company says that they will continue to make adjustments and integrate further retail transformations as needed, but nevertheless, the liquidation sales on the closing stores will start as soon as August 30th.
Since 2010 alone, Sears has lost $11.2 billion dollars, and sales have dropped 60%. Although the company has been working on selling assets to raise funds, in August, the CEO and majority shareholder named Eddie Lampert, made an announcement that he would like to buy the company’s Kenmore appliance brand, and its Sears Home Services for $400 million and about $80 million, respectively. He has said that he also plans to negotiate with leaders in the company to try to extend the repayment schedule for some of the debt Sears has accrued. The shares of Sears have dropped 35% since Lampert’s bid was made public, and hit a record-setting low of $1.15 per share on Wednesday. The stock closed trading at $1.18 per share, still dropping by 5% for that day of stock sales.
The following Kmart and Sears Stores are set to close:
Kmarts:
Spring Valley, California,
Clovis, California,
Antioch, California
Los Angeles, California (6310 W. 3rd Street)
Milford, Connecticut
Newark, Delaware
Steger, Illinois
Cape Girardeau, Missouri
Columbus, Mississippi
Riverhead, New York
Gresham, Oregon
Scott Depot, West Virginia
Gillette, Wyoming
Sears:
Flagstaff, Arizona
Santa Cruz, California
Grand Junction, Colorado
Tampa, Florida (at University Square Mall)
Doral, Florida
Naples, Florida
Savannah, Georgia
Atlanta, Georgia
Brunswick, Georgia
Bloomington, Illinois
Fort Wayne, Indiana
Florence, Kentucky
Hammond, Louisiana
Holyoke, Massachusetts
Taunton, Massachusetts
Jackson, Michigan
Crabtree, North Carolina
Salem, New Hampshire
Manchester, New Hampshire
Mays Landing, New Jersey
Victor, New York
Glen Falls, New York
New Hyde Park, New York
Dayton, Ohio
Cincinnati, Ohio (at Northgate Mall)
Happy Valley, Oregon
Houston, Texas (at Memorial City Mall)
Bryan, Texas
West Jordan, Utah
Fairfax, Virginia
Vancouver, Washington
Eau Claire, Wisconsin
La Crosse, Wisconsin
