Sears Holdings Corp. closes more than 100 Kmart and Sears stores in latest cuts
More than 100 Sears and Kmart stores, including five Kmarts and six Sears stores in California, will be closing between early March and early April, Sears Holdings Corp. announced Thursday.
The company will continue to close some unprofitable stores as it attempts to “right-size” the number and size of its physical stores to customers’ needs, it said in a statement.
Employees at the 64 Kmart and 39 Sears stores that close will get severance benefits and will be able to apply for open positions at other Kmart and Sears stores, but the company did not guarantee jobs for associates in the statement.
Sears Holdings spokesman Larry Costello wouldn’t say how many jobs would be cut, but noted that the majority are part-time positions. Liquidation sales will begin as early as Jan. 12.
In California, the company is closing Sears stores in Santa Clarita, Brea, Westminster, San Jose, San Rafael and Hanford. The five California Kmart stores slated for shutdown are in Cudahy, Ontario, Arroyo Grande, Redding and Taft.
Sears Holdings shares fell 4% to $3.58 on Thursday. In June, the company announced plans to close 86 Sears and Kmart stores across the country. That’s on top of the more than 1,000 stores closed in the last several years.
Last March, the company said in Securities and Exchange Commission filings that there was substantial doubt that it would survive.
Sears Holdings currently has 1,104 stores, down from 1,672 in 2016.
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