Tags: kmart | sears | closings | macys

Closing of 27 Kmart, Sears Stores Follows News of Macy's Cutbacks

Image: Closing of 27 Kmart, Sears Stores Follows News of Macy's Cutbacks (REUTERS/Rick Wilking)

By Clyde Hughes   |   Thursday, 14 Jan 2016 12:27 PM

More than two dozen Kmart stores will be closing this spring, with liquidation sales beginning later this month, a Sears Holding Corp. spokesman told the Detroit Free Press.

Company spokesman Howard Riefs declined to tell the Free Press the number of stores that would be closing, but added that the closures would be nationwide and include some Sears stores as well.

Macy's, the nation's largest department store chain which also operates upscale Bloomingdale's, said earlier this week that it is cutting up to 4,800 jobs and has slashed its profit outlook after miserable holiday sales. About 2,110 of those job cuts will come from reducing staffing levels at stores, eliminating duplication in back office operations and consolidating regional store groups.

A statement from Sears Holding Corp., Kmart's parent company, that made it to the YesWeCoupon.com site said the 27 store closings were "part of a series of actions we're taking to reduce on-going expenses, adjust our asset base, and accelerate the transformation of our business model."

"These actions will better enable us to focus our investments on serving our customers and members through integrated retail – at the store, online and in the home. Our investments in Shop Your Way and Integrated Retail enable us to migrate the shopping activity of highly engaged members who previously shopped these closed stores to alternative channels." 

The liquidations will run at the closing stores from Jan. 24 through April, according to Investor Place.com. The website said Kmart employees will be able to apply for open positions at Sears or Kmart and will receive severance.

In its last recent quarterly report that ended Oct. 31, Kmart reported a 7.5 percent decline in comparable-store sales. Sears Holdings Corp. posted net losses in 17 of its past 20 quarters since 2008.

The Free Press said the Kmart and Sears store closings in Michigan include Ironwood and Fort Gratiot Township. 

YesWeCoupon.com said Kmart stores targeted for closing include multiple outlets in California (Anaheim, Chula Vista, Citrus Heights and San Mateo); Iowa (Duluth, Ottumwa); Florida (Daytona Beach, Tampa); Georgia (Milledgeville, Rome), Arizona (Glendale, Prescott), and South Dakota (Pierre and Mitchell).

Kmart stores in Superior, Wisconsin; Terre Haute, Indiana; Boardman, Ohio; North Topeka, Kansas; North Logan, Utah; Braintree, Massachusetts; Glendale Arizona; Virginia Beach, Virginia; Canton, Illinois, Exton, Pennsylvania; Pocatello, Idaho; and Cleveland, Tennessee, also made the list.

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More than two dozen Kmart stores will be closing this spring, with liquidation sales beginning later this month, a Sears Holding Corp. spokesman told the Detroit Free Press.
kmart, sears, closings, macys
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2016-27-14
 

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