【破产新闻】142 More Sears & Kmart Locations Will Be Closing For Bankruptcy

October 17, 2018

 

As part of Sears Holdings' Chapter 11 bankruptcy filing, the company plans to close another 142 stores that are not turning profits, USA Today reports.

While Sears chairman Eddie Lampert has released a statement assuring customers that the remaining 687 Sears and Kmart stores will be open during the holiday season, it is possible those stores will eventually close as well "if the company fails to reach a viable restructuring agreement in bankruptcy."

For the full list of upcoming store closings for both Sears and Kmart, click here.

Original Post: May 31, 2018 at 12:30 p.m. EST

These stores are part of 100 locations the company has identified as "low performers." Originally, the company announced 72 stores would close, but changed that number hours later as certain stores "are being evaluated further."

These are just the latest in a list of upcoming locations set to close, Moneymagazine reports. Two weeks ago, they announced they’d be closing 40 stores in 24 states, and before that, they said 166 stores would be closing in 2018. So at this point, 266 stores could be set to close this year.

The closings come as the company deals with sluggish sales. Overall revenue fell 31% in the last three months, though most of that was because of closed stores, but even still, sales slumped by 12% in the stores that stayed open.

The Wall Street Journal reported that Sears is considering selling off its Kenmore appliance brand, as well as other units of its business. Last year, it sold the Craftsman brand to Stanley Black & Decker.

Eligible employees affected by store closings will receive severance and have the chance to apply for open jobs at other Kmart or Sears stores in the area. Liquidation sales will begin as early as June 14. Here's the full list of Sears and Kmart stores that will be closing.

Source:https://www.yahoo.com/news/sears-kmart-closing-72-more-161900207.html

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