Dozens of Kmart and Sears stores to close, including four in California
The recent closures of Kmart stores are part of a push to cut costs and rely more heavily on its online business.
Struggling retailer Sears Holding Corp. said Thursday it will close 68 Kmart stores and 10 Sears stores this summer, including four Kmarts in California.
Kmart stores in Dinuba, Lodi, Tulare and Wasco, Calif., will begin liquidation sales May 12.
The Hoffman Estates, Ill., company previously said it would “accelerate” the closing of unprofitable stores. All of the Sears stores and nearly all of the Kmarts will close in late July, and two Kmart stores in Ohio and Michigan will close in September.
“The decision to close stores is a difficult but necessary step as we take aggressive actions to strengthen our company, fund our transformation and restore Sears Holdings to profitability,” Edward Lampert, Sears’ chief executive, said in a statement.
Employees at the closing stores will receive severance and can apply for open positions at other Sears or Kmart stores, the company said.
For more business news, follow @smasunaga.
ALSO
Walt Disney Co.’s ABC sells its Fusion stake to Univision, exits joint venture
FBI paid at least $1 million to hack into terrorist’s iPhone, director says
Owners of emissions-cheating Volkswagens can choose buybacks or repairs, judge says
