Sears Holdings reportedly is closing 46 more Sears and Kmart stores in November.
The latest closures include 13 Kmart locations and 33 Sears stores, adding to the several hundred money-losing locations shut in recent years, USA Today reported.
Liquidation sales are set to kick off as soon as next week, CNBC reported.
“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.
“We thank associates affected by these store closures for their many contributions to our company,” Sears said in the statement. “Eligible associates will receive severance and will have the opportunity to apply for open positions at area Kmart or Sears stores.”
Sears is still testing new concepts, like standalone mattress stores and combined Sears and Kmart locations, but retail analysts say it will be hard for the company to bounce back from its dire strait today.
Sears CEO Edward Lampert made a move for the company’s Kenmore appliances brand with a hedge fund owned by the chief executive offering to buy the brand for $400 million in cash, Sears said in a recent regulatory filing.
Sears shares (SHLD) have fallen more than 85 percent over the past 12 months, bringing the company’s market cap to $127.8 million, or less than Lampert is willing to pay for the Kenmore brand alone, CNBC explained. The stock hit an all-time intraday low of $1.15 earlier this week, CNBC said.
ESL Investments also made an offer to buy the Home Improvement business of the company’s home services division for as much as $80 million in cash, according to the filing with the U.S. Securities and Exchange Commission.
It said the offers were made in a letter to Sears’ board.
The offer for Kenmore is conditional on ESL receiving equity financing from a potential partner, according to the filing. No partner was named.
Lampert said in April Sears should sell its Kenmore brand, home improvement businesses and real estate, and that ESL Investments would bid in any sale.
Sears formed a special committee in May to explore the proposal.
In its fiscal first quarter ended May 5, Sears reported a net loss attributable to the company of $424 million, or $3.93 per share, compared with a profit of $245 million, or $2.29 per share, a year earlier. The company’s store closures brought down its revenue by nearly 31 percent in the first quarter.
Here are the 46 Sears and Kmart stores set to close in November, reported by CNBC:
- Kmart 935 Sweetwater Road Spring Valley CA
- Kmart 1075 Shaw Avenue Clovis CA
- Kmart 3625 East 18th Street Antioch CA
- Kmart 6310 W 3rd Street Los Angeles CA
- Kmart 589 Bridgeport Avenue Milford CT
- Kmart 301 College Square Newark DE
- Kmart 3231 Chicago Road Steger IL
- Kmart 11 South Kings HWY 61 Cape Girardeau MO
- Kmart 2308 Highway 45 N Columbus MS
- Kmart 605 Old Country Road Riverhead NY
- Kmart 440 NW Burnside Road Gresham OR
- Kmart 101 Great Teays Blvd Scott Depot WV
- Kmart 2150 South Douglas HWY Gillette WY
- Sears^ Flagstaff Mall, 4800 N US HWY 89 Flagstaff AZ
- Sears Capitola Mall, 4015 Capitola Road Santa Cruz CA
- Sears† 2424 Highway 6 And 50 Grand Junction CO
- Sears 2266 University Square Mall Tampa – University FL
- Sears† 1625 NW 107th Avenue Doral / Miami FL
- Sears^ Coastland Ctr, 2000 9th Street N Naples FL
- Sears^ Oglethorpe Mall, 7810 Abercorn St Savannah GA
- Sears† 2860 Cumberland Mall Atlanta GA
- Sears† 100 Mall Blvd Ste 300 Brunswick GA
- Sears^ 1631 E Empire Street Bloomington IL
- Sears* 4201 Coldwater Road Fort Wayne IN
- Sears 3000 Mall Road Florence KY
- Sears† 1914 Hammond Square Drive Hammond LA
- Sears* 50 Holyoke Street Holyoke MA
- Sears^ Silver City Galleria Taunton MA
- Sears† 1250 Jackson Xing I-94 Jackson MI
- Sears* 4601 Glenwood Avenue Raleigh – Crabtree NC
- Sears* 77 Rockingham Park Boulevard Salem NH
- Sears* 1500 South Willow Street Manchester NH
- Sears† 4409 Black Horse Pike Mays Landing NJ
- Sears* 200 Eastview Mall Victor NY
- Sears* 578 Aviation Road Queensbury / Glen Falls NY
- Sears 1400 Union Turnpike New Hyde Park NY
- Sears 2700 Miamisburg Centerville Road Dayton OH
- Sears* 9505 Colerain Avenue Cincinnati – Northgate OH
- Sears† 11800 SE 82nd Avenue Happy Valley / Portland OR
- Sears† 400 Memorial City Way Houston – Memorial TX
- Sears* Post Oak Mall College Station – Bryan TX
- Sears 7453 S Plaza Center Drive West Jordan UT
- Sears 12000 Fair Oaks Mall Fairfax VA
- Sears† 8800 NE Vancouver Mall Drive Vancouver WA
- Sears† 4720 Golf Road Eau Claire WI
- Sears Valley View Mall, 4200 US HWY 16 La Crosse WI
^ Late August 2018
* Late September 2018
† Late October 2018
Material from Bloomberg and Reuters were used in this report.
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