Sears and KMart Continue Closing Stores as Sears Collapse Rolls Onward
I’m frankly surprised Sears’ owners haven’t given up and liquidated the company yet. The company is clearly bleeding to death, and closing more and more stores:
The cost-cutting strategy continues at Sears with another 63 stores targeted for closure early next year.
Emblematic of the struggle facing U.S. department stores, Sears Holdings has already closed more than 350 Sears and Kmart stores this year. An additional 45 Kmart stores and 18 Sears stores wilSearl be closing in late January 2018, the company said Thursday.
“Sears Holdings continues its strategic assessment of the productivity of our Kmart and Sears store base and will continue to right size our store footprint in number and size,” the company said in a statement. “In the process, as previously announced 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.”
The 63 stores will remain open during the holiday season and employees at the closing stores will get severance pay and an opportunity to apply for other jobs within the retail chains. “Liquidation sales will begin as early as November 9 at these closing stores,” the company said.
The retail industry s reeling as a growing number of shoppers do their buying online and e-commerce giant Amazon becomes the go-to for many consumers. But the decline of Sears has been particularly stark.
The iconic store chain, whose goods once filled American households from the garage to the living room, has struggled to remain relevant as shoppers increasingly bypass it to head to big box giants like Walmart, or specialty retailers like Best Buy and Home Depot instead.