Sears Holdings is usually shuttering another round of stores, the retailer’s employees learned on Thursday. nevertheless those doors won’t be closed until after the holidays.
The latest list of store closures includes 45 Kmart locations in addition to also 18 Sears boxes. Closings are anticipated to begin in late January of next year. Meantime, liquidation sales will begin as early as Nov. 9.
“Sears Holdings continues its strategic assessment of the productivity of our Kmart in addition to also Sears store base in addition to also will continue to right size our store footprint in number in addition to also size,” a memo reads on the company’s website.
“within the process, as previously announced we will continue to close some unprofitable stores as we transform our business product to ensure our physical store footprint in addition to also our digital capabilities match the needs in addition to also preferences of our members,” Sears said.
The embattled department store chain has been looking for ways to keep its core businesses afloat. Those initiatives include selling off in-house brands, seeking loans by Sears’ CEO, Eddie Lampert, in addition to also recently teaming up with Amazon to market Sears’ Kenmore appliances.
Assets sales, for Sears, could be another source of operating cash.
In Sears’ latest quarter, same-store sales tumbled more than 11 percent, as total revenue fell to $4.37 billion, by $5.66 billion, in addition to also was driven lower because of recent store closures, according to the company.
In turn, Sears is usually testing smaller store formats across the U.S., in addition to also in some cases moving to occupy a pint-sized portion of a bigger box, as mall operators look to redevelop their properties.
Sears shares were falling about 3 percent Friday morning, in addition to also are down more than 40 percent in 2017.
Find out if your local Sears or Kmart store is usually one of those being closed.