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11 Sears, Kmart Stores Closing Before Holiday Season

11 Sears, Kmart Stores Closing Before Holiday Season

(Ken Wolter/Dreamstime.com)

By    |   Friday, 05 October 2018 08:54 AM

At least 11 Sears and Kmart stores will be closing before the holiday season, with layoffs to begin days ahead of Christmas, Business Insider reported.

Crippling debt accumulated over the years has forced Sears to shutter hundreds of stores and the latest round of closings will impact employees across multiple states.

One store is in Poughkeepsie, New York where 71 employees are expected to be laid off on Dec. 23, according to a filing reported on by Business Insider.

Sears announced in January plans to close more than 100 stores, but added an additional 100 closures to its list in May, CNBC reported.

Eddie Lampert, Sears' chairman and CEO, started making drastic changes to the company's structure last year with hopes of saving the giant retailer amid serious competition from companies like Wal-Mart and Amazon.

In September, Lampert submitted a proposal in conjunction with his hedge fund, ESL Investments, in a bid to revive the business.

At the time, Sears spokesman Howard Riefs said Sears was continuing to evaluate its network of stores, which was a “critical component” to the company’s “integrated retail transformation,” according to USA Today. He added that Sears would “make further adjustments as needed.”

The company had 506 Sears locations open as of Aug.4, which included 482 full-line department stores and 360 Kmart stores.

Riefs didn’t confirm the latest round of closings, according to USA Today, but Business Insider reported “Sears now faces significant near-term liquidity constraints,” according to a filing.

The list of closings, as reported by Business Insider, are:

Sears

— Golf Mill Shopping Center, 400 Golf Mill Ctr, Niles, Illinois

— Eastern Hills Mall, 4545 Transit Rd, Williamsville, New York

— The Mall at Fairfield Commons, 2727 Fairfield Commons, Beavercreek, Ohio

— San Jacinto Mall, 1000 San Jacinto Mall, Baytown, Texas

— Broadway Square, 4701 S Broadway Ave, Tyler, Texas

— Grand Central Mall, 500 Grand Central Ave, Vienna, West Virginia

Kmart

— 1500 Fitzgerald Dr, Pinole, California

— 6865 Hollister Ave, Goleta, California

— 635 Dutchess Turnpike, Poughkeepsie, New York

— 6626 Metropolitan Avenue, Middle Village, New York

— 4251 John Marr Drive, Annandale, Virginia

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At least 11 Sears and Kmart stores will be closing before the holiday season, with layoffs to begin days ahead of Christmas.
sears, kmart, store, closing
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2018-54-05
Friday, 05 October 2018 08:54 AM
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