Welcome, Guest! - or
Easy to remember!  »  VinNews.com

New York - Sears To Close 68 Kmart, 10 Sears Stores This Summer

Published on: April 21, 2016 08:29 PM
By: AP
Change text size Text Size  

New York - Sears Holdings Corp. is announcing Thursday that it will close 68 Kmart stores and 10 Sears stores as it struggles to restore profitability.

The ailing company had said in February that it would accelerate the closing of unprofitable stores. The move is expected to generate a “meaningful level” of cash from the liquidation of store inventories and from the sale or sublease of some of the related real estate, it said.

The closings follow a comprehensive review of the company’s store portfolio that took into account store performance and the timing of lease expirations.

The Sears stores will close in late July; two Kmart stores will close in mid-September.

Sears has long been struggling with a sales slump, unable to keep up with rivals like Wal-Mart.



More of today's headlines

San Francisco - The owners of nearly half a million polluting Volkswagens in the U.S. will have the option of selling them back to the company or getting them repaired... Kapolei, HI - Two pilots are slowly carving their way into a new future of solar-powered flight as one of them embarks on the latest leg of their around-the-world...

 

Total0

Read Comments (0)  —  Post Yours »

1

Sign-in to post a comment

Click here to sign-in.

Scroll Up
Advertisements:
Sell your scrap gold and broken jewelry and earn hard cash sell gold today!