Major retailer announces closure of 100 more stores (See list)

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Sears Holdings, the parent company of Sears and Kmart stores, will be closing more than 100 more stores, according to an announcement they made to employees on Thursday.

Kmart stores will be reduced by 64 locations and Sears will lose 39 stores, with closings scheduled to occur between early March and April of this year.

The announcement comes after Sears Holdings announced the closing of 45 Kmart stores and and 18 Sears stores after the 2017 holiday shopping season. The company announced in early November that closures would affect employees in 26 states, and that the stores would remain open until late January 2018.

Prior to that, Sears Holdings had announced closures at 308 Kmart and Sears stores, with Sears CEO Eddie Lampert saying, “This is part of a strategy both to address losses from unprofitable stores and to reduce the square footage of other stores because many of them are simply too big for our current needs.”

In a statement regarding the current closures, Sears Holding said, “We will continue to close some unprofitable stores as we transform our business model so that our physical store footprint and our digital capabilities match the needs and preferences of our members.”

Sears did not say how many of its employees would be impacted by the latest round of store closings, but they said most of those lost would be part-time positions.

Sears shares have dropped by more than 60 percent over the past 12 months, and the company has reported net losses in quarterly reports. The department store chain has reportedly been testing smaller store formats as they struggle to become profitable again. Sears CFO Rob Riecker said they would be building the smaller store concepts in the coming months, “delivering specialized integrated retail experiences” to customers.

According to CNBC, liquidation sales may begin as early as Jan. 12 at the closing stores.

The following is a full list of Sears’ recent round of closures:

 

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