More Sears, Kmart Stores Closing Around The Country
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By Chris Isidore, CNN
(CNN Money/KDKA) -- Sears is swinging the ax again. The struggling retailer announced plans to close another 46 Sears and Kmart stores.
The company has already closed more than 100 stores this year -- including the last remaining Sears in its hometown of Chicago -- as it attempts to stem losses.
Employees at 13 Kmart stores and 33 Sears stores were notified that their locations would close by November.
When Sears and Kmart merged in 2005, they had about 3,500 US stores between them. About 900 US stores remain, and more closings are likely.
"We continue to evaluate our network of stores, which is a critical component to our integrated retail transformation, and will make further adjustments as needed," the company said in a statement.
Liquidation sales at some of the stores will start as soon as Aug. 30.
Sears has lost $11.2 billion since 2010, its last profitable year and sales have plunged 60 percent in that time.
The company has been looking at selling assets as a way to raise money. In August, CEO and majority shareholder Eddie Lampert offered to buy the company's Kenmore appliance brand for $400 million, and its Sears Home Services division for between $70 million and $80 million.
Lampert said he also plans to negotiate with lenders to try to extend the repayment schedule for some of Sears' debt.
Shares of Sears have plunged 85 percent in the the last year. The stock hit an all-time low of $1.09 in trading Thursday on the store closing news, and while it later climbed off that low, the stock was still down more than 5 percent in mid-afternoon trading.
Western Pennsylvania is being spared in this latest round of closures. However, there are Sears stores closing in Ohio, as well the Kmart in Charleston, West Virginia.
Four local stores were already supposed to close.
The Sears stores at South Hills Village and The Mall at Robinson will close next month.
Kmarts in Unity Township and Peters Township are supposed to close by the end of October.
Stores set to close:
Kmarts:
- Spring Valley, California,
- Clovis, California,
- Antioch, California
- Los Angeles, California (at 6310 W. 3rd Street)
- Milford, Connecticut
- Newark, Delaware
- Steger, Illinois
- Cape Girardeau, Missouri
- Columbus, Mississippi
- Riverhead, New York
- Gresham, Oregon
- Scott Depot, West Virginia
- Gillette, Wyoming
Sears:
- Flagstaff, Arizona
- Santa Cruz, California
- Grand Junction, Colorado
- Tampa, Florida (at University Square Mall)
- Doral, Florida
- Naples, Florida
- Savannah, Georgia
- Atlanta, Georgia
- Brunswick, Georgia
- Bloomington, Illinois
- Fort Wayne, Indiana
- Florence, Kentucky
- Hammond, Louisiana
- Holyoke, Massachusetts
- Taunton, Massachusetts
- Jackson, Michigan
- Crabtree, North Carolina
- Salem, New Hampshire
- Manchester, New Hampshire
- Mays Landing, New Jersey
- Victor, New York
- Glen Falls, New York
- New Hyde Park, New York
- Dayton, Ohio
- Cincinnati, Ohio (at Northgate Mall)
- Happy Valley, Oregon
- Houston, Texas (at Memorial City Mall)
- Bryan, Texas
- West Jordan, Utah
- Fairfax, Virginia
- Vancouver, Washington
- Eau Claire, Wisconsin
- La Crosse, Wisconsin
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