Sears, KMart closing stores in Milford, Holyoke, 44 others
Sears is swinging the ax again. The struggling retailer announced plans to close another 46 Sears and Kmart stores.
The company is closing a KMart in Milford and a Sears in Holyoke, Mass.
The company has already closed more than 100 stores this year — including the last remaining Sears in its hometown of Chicago — as it attempts to stem losses.
Employees at 13 Kmart stores and 33 Sears stores were notified that their locations would close by November.
When Sears and Kmart merged in 2005, they had about 3,500 US stores between them. About 900 US stores remain, and more closings are likely.
“We continue to evaluate our network of stores, which is a critical component to our integrated retail transformation, and will make further adjustments as needed,” the company said in a statement.
Liquidation sales at some of the stores will start as soon as August 30.
Sears has lost $11.2 billion since 2010, its last profitable year and sales have plunged 60% in that time.
The company has been looking at selling assets as a way to raise money. In August, CEO and majority shareholder Eddie Lampert offered to buy the company’s Kenmore appliance brand for $400 million, and its Sears Home Services division for between $70 million and $80 million.
Lampert said he also plans to negotiate with lenders to try to extend the repayment schedule for some of Sears’ debt.
Shares of Sears plunged 35% in the week since Lampert’s bid was disclosed, and hit an all-time low of $1.15 a share Wednesday. The stock closed trading at $1.18, still down 5% for the day.
Stores set to close:
Spring Valley, California,
Los Angeles, California (at 6310 W. 3rd Street)
Cape Girardeau, Missouri
Riverhead, New York
Scott Depot, West Virginia
Santa Cruz, California
Grand Junction, Colorado
Tampa, Florida (at University Square Mall)
Fort Wayne, Indiana
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
Cincinnati, Ohio (at Northgate Mall)
Happy Valley, Oregon
Houston, Texas (at Memorial City Mall)
West Jordan, Utah
Eau Claire, Wisconsin
La Crosse, Wisconsin