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Sears Holdings to Shutter 63 Stores After the Holidays, Including 45 Kmarts

November 06, 2017, 08:00 AM
Filed Under: Retail

Struggling under a lingering distress in the retail sector, Sears Holdings Corporation announced that it will begin closing more stores in the U.S. sometimes in January. In a press release the company said it plans to close a total of 63 stores, 18 Sears locations and 45 Kmarts. The locations will remain open during the holiday season, but liquidation sales could begin as early as Nov. 9, the company saied. 

"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.”

Earlier this year, Sears closed nearly 350 stores. And in July, Sears Canada Inc. hired a joint venture group formed among Hilco Global (through its Canadian division, Merchant Retail Solutions, ULC), Gordon Brothers, Tiger Capital Group and Great American Group, to begin operating liquidation sales there.

In 2016, it reported an operating loss of $2.2 billion. Since 2011, Sears had lost more than $10.4 billion, according to The Wall Street Journal.

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