Sears/Kmart Store Closing
Making good on a promise it made in February, Sears Holdings released a list of 78 unprofitable Kmart and Sears stores that it will close beginning this summer. Closing the stores in question, 68 with the Kmart name and 10 Sears stores, will leave the company with a total of less than 900 Kmart and less than 700 Sears stores worldwide. This action is the culmination of Sears Holdings’ year-long massive effort to pare down their debts and restore profitability. In fact, according to Fortune, the company’s sales have declined in every year since 2005, a stark reality which lead to a total of $8 billion in net losses over the 5-year period between 2005-2010.
While these closings may not come as a surprise to business insiders, they may greatly affect the people who live in the areas serviced by these Sears and Kmart stores. In addition, savvy bargain hunters will soon be able to cash in on clearance and liquidation deals if they are close to any of the closing stores.
If you fall into the later category, mark your calendars, according to the company’s press release, the closing stores will begin to liquidate their inventory as early as next week. The 10 Sears stores closing will start liquidating on April 29, followed by the 68 Kmart stores on May 12. All stores, with the exception of two “Super K” stores located in Taylor, MI and Lorain, OH will close by the end of July. The later two will shutter their doors by mid-September.
For a complete list of the stores closing in the next few months, please see the original press release from Sears Holdings, available here.