US retail giant Sears Holdings Corp is to shutter an additional 18 Sears and 45 Kmart unprofitable stores in the New Year as part of its efforts to return to profitability.
In an announcement made to Sears associates on Thursday (2 November), the company said the stores in question will close in late January 2018, remaining open to serve members during the holiday season.
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It added liquidation sales are due to begin as early as this week, on 9 November.
“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 retailer 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.”
Sears added eligible associates impacted by the closures will receive severance and will have the opportunity to apply for open positions at area Kmart or Sears stores.
The news follows a wave of closures in July and a US$100m cash injection by Sears Holdings owner and CEO Edward Lampert last month in the lead-up to the key holiday shopping season.
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Click here for the list of store closures.
