Tags: sears | kmart | stores | closing

Sears, Kmart Stores Closing: 60 More After the Holidays

Sears, Kmart Stores Closing: 60 More After the Holidays

A sign announcing the store will be closing hangs above a Sears store on Aug. 24, 2017, in Chicago, Illinois. (Scott Olson/Getty Images)

By    |   Friday, 03 November 2017 02:32 PM

Another 60-plus Sears and Kmart stores will close after the holidays, Sears Holdings announced Thursday.

More than 350 Sears and Kmart locations have already closed this year as retail stores continue to lose market share to Amazon and big-box stores that offer lower prices, and in some cases, more and faster availability of items, USA Today reported.

The stores won't close until after the new year, but liquidation sales may begin as early as Nov. 7 at the locations closing. Sears Holdings will offer employees at closing locations the chance to apply for other positions within the company and will offer severance packages for those who want to retire, USA Today reported.

The closings include 45 Kmart locations and 18 Sears stores, CNBC reported.

"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, CNBC reported.

Sears also sold its Craftsman tool brand to Stanley Black and Decker for $900 million and recently made an agreement to sell Kenmore appliances on Amazon, CNBC reported. The company is also exploring having smaller stores in strategic locations and even having a micro-presence in big box stores to sell products there.

Sears still lost $251 million for the second quarter, but cut those losses from $395 million a year earlier and beat projections of a $266 million loss, USA Today reported.

The stock price of Sears Holdings was about 3 percent lower Friday morning, and has dropped about 40 percent in 2017, CNBC reported.

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Another 60-plus Sears and Kmart stores will close after the holidays, Sears Holdings announced Thursday.
sears, kmart, stores, closing
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2017-32-03
Friday, 03 November 2017 02:32 PM
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