Facebook Pinterest Search Icon SourcingJournal_horiz Tumbler Twitter Shape photo-camera graph-trend Shape latest-news icon / user

Sears Holdings to Close More Sears, Kmart Stores

Join McKinsey & Company, NewTimes Group, Arvind Limited, Asmara, Google, Bluesign, the Retail Prophet and more at Sourcing Journal’s Virtual Sourcing Summit, R/Evolution: Overhauling Fashion’s Outmoded Supply Chain, Oct 14 & 15.

Sears Holdings is reportedly set to shutter more of its Sears and Kmart stores, but the total closure counts have not been confirmed.

Financial analysis and market news tracker, Seeking Alpha, published an article Thursday saying Sears would close 30 Sears stores, 31 Auto Centers and 46 Kmart locations, causing close to 5,500 workers to be out of jobs. The publication cited Sears’ liquidation notices sent to local media since mid-September.

Sears shares were up 6.4% to $36.62 as of publication time Thursday.

Most of the store closures—many of which are expected to happen before Christmas, according to Seeking Alpha—will be in Pennsylvania, Michigan and Indiana, but more closures are reportedly slated for stores in Florida, Illinois, New York and North Carolina.

Sears, however, has said the store closure count is inaccurate. According to USA Today, a spokesperson for the company said, “As we stated in our (second quarter earnings report), we disclosed that we would be closing unprofitable stores as leases expire and in some cases will accelerate closings when it is economically prudent. And that we would consider closing additional stores during the remainder of the year,” Riefs said. “Make no mistake, we believe the store will continue to play an integral role in our transformation, however, if a store is not generating a profit, it is straightforward that the store should be considered for closure.”

The spokesperson said Sears would update its store count in its third quarter financial results to be released next month.

Related Articles

More from our brands

Access exclusive content Become a Member Today!