Sears, Kmart name 63 store closures
Sears Holdings on Thursday said it had identified approximately 100 unprofitable stores and said that it would close 72 of them in the near future. But, when the company identified the stores that it would close, 63 were named.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SHLD | GLOBAL X FDS DEFENSE TECH ETF USD | 39.75 | +0.34 | +0.86% |
Sears announced 15 Kmart and 48 Sears stores that would close in early September 2018. Sears said that it would offer its impacted employees severance and the opportunity to apply for open positions at area Kmart and Sears stores.
Sears noted that the nine stores that were initially destined for closure are being evaluated further and they will update.
Liquidation sales were to start as early as mid-June at the closing stores.
Customers can use the store locator function on the company’s web site to find the location of their nearest Kmart and Sears stores. Liquidation sales will begin as early as June 14 at these closing stores. (Note – a small group of stores was pulled from the closing list of 72 stores on May 31 as they are being evaluated further). This list will be updated as appropriate.
The hardest hit states are Texas and Illinois. Four Sears and one Kmart store is set to close in each state. Customers who want to find out if their local store will remain open can use the store location function on the Kmart and Sears websites.
The company said that it came to the decisions on closures as part of its ongoing efforts to streamline operations.