Sears, Kmart to Shut 46 More Stores

Sears, Kmart to Shut 46 More Stores

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:

  1. Kmart 935 Sweetwater Road Spring Valley CA
  2. Kmart 1075 Shaw Avenue Clovis CA
  3. Kmart 3625 East 18th Street Antioch CA
  4. Kmart 6310 W 3rd Street Los Angeles CA
  5. Kmart 589 Bridgeport Avenue Milford CT
  6. Kmart 301 College Square Newark DE
  7. Kmart 3231 Chicago Road Steger IL
  8. Kmart 11 South Kings HWY 61 Cape Girardeau MO
  9. Kmart 2308 Highway 45 N Columbus MS
  10. Kmart 605 Old Country Road Riverhead NY
  11. Kmart 440 NW Burnside Road Gresham OR
  12. Kmart 101 Great Teays Blvd Scott Depot WV
  13. Kmart 2150 South Douglas HWY Gillette WY
  14. Sears^ Flagstaff Mall, 4800 N US HWY 89 Flagstaff AZ
  15. Sears Capitola Mall, 4015 Capitola Road Santa Cruz CA
  16. Sears† 2424 Highway 6 And 50 Grand Junction CO
  17. Sears 2266 University Square Mall Tampa – University FL
  18. Sears† 1625 NW 107th Avenue Doral / Miami FL
  19. Sears^ Coastland Ctr, 2000 9th Street N Naples FL
  20. Sears^ Oglethorpe Mall, 7810 Abercorn St Savannah GA
  21. Sears† 2860 Cumberland Mall Atlanta GA
  22. Sears† 100 Mall Blvd Ste 300 Brunswick GA
  23. Sears^ 1631 E Empire Street Bloomington IL
  24. Sears* 4201 Coldwater Road Fort Wayne IN
  25. Sears 3000 Mall Road Florence KY
  26. Sears† 1914 Hammond Square Drive Hammond LA
  27. Sears* 50 Holyoke Street Holyoke MA
  28. Sears^ Silver City Galleria Taunton MA
  29. Sears† 1250 Jackson Xing I-94 Jackson MI
  30. Sears* 4601 Glenwood Avenue Raleigh – Crabtree NC
  31. Sears* 77 Rockingham Park Boulevard Salem NH
  32. Sears* 1500 South Willow Street Manchester NH
  33. Sears† 4409 Black Horse Pike Mays Landing NJ
  34. Sears* 200 Eastview Mall Victor NY
  35. Sears* 578 Aviation Road Queensbury / Glen Falls NY
  36. Sears 1400 Union Turnpike New Hyde Park NY
  37. Sears 2700 Miamisburg Centerville Road Dayton OH
  38. Sears* 9505 Colerain Avenue Cincinnati – Northgate OH
  39. Sears† 11800 SE 82nd Avenue Happy Valley / Portland OR
  40. Sears† 400 Memorial City Way Houston – Memorial TX
  41. Sears* Post Oak Mall College Station – Bryan TX
  42. Sears 7453 S Plaza Center Drive West Jordan UT
  43. Sears 12000 Fair Oaks Mall Fairfax VA
  44. Sears† 8800 NE Vancouver Mall Drive Vancouver WA
  45. Sears† 4720 Golf Road Eau Claire WI
  46. 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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