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.
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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.