Friday, 21 July, 2017

Another 43 Sears and Kmart stores are closing

Kmart will close its Florida Avenue location Kmart will close its Florida Avenue location
Mae Harvey | 09 July, 2017, 01:09

The stores are set the close by early October, Sears Holdings said.

With the newest round of closings, Sears Holdings is poised to close down about 20% of its locations.

Our partners at the Milwaukee Business Journal reported the Illinois-based retailer said it's closing eight Sears and 35 Kmart locations starting as soon as July 13.

The Michigan Kmarts set to close are in Monroe and Escanaba, leaving the Upper Peninsula with a single Kmart location.

The store at 8245 N. Florida Ave.is one of 43 stores that were notified they will be shut down, according to USA Today. The company has been closing stores for some time in hopes of turning around its business. In his blog post, Lampert noted that Sears now has two smaller-format concept stores, including one that opened recently in Pharr, Texas.

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Eddie Lampert is Chairman and Chief Executive Officer at Sears Holdings Corporation. Past year there were 2,073 retail outlets in the Sears Holdngs family, now there are 1,140.

Fitchburg Mayor Stephen DiNatale agreed, and said young consumers are leading the charge away from brick-and-mortar shopping.

Sears Holdings has closed more than 300 stories this year. Reduced support from vendors in the a year ago has placed pressure on the business, according to the blog post.

Lampert added that the company is on track to achieve its $1.25 billion annualized cost savings target and continues to work to improve liquidity and reduce debt.

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