Sears to close 46 unprofitable stores
Sears Holdings Corp. continues to clean house, announcing plans to shutter an additional 46 unprofitable stores in November.
The struggling chain this week informed workers at the affected stores, and liquidation sales will begin as early as Aug. 30. The move is "part of our ongoing efforts to streamline Sears Holdings' operations, strengthen our capital position and focus on our best stores," Sears said on its website.
The list of affected stores includes 13 Kmart stores and 33 Sears sites. The new shutdowns, which also affect several affiliated Sears Auto Center locations, affect states across the country.
The once-dominant retailer has been taking steps in recent years to strengthen its balance sheet, including the sale of its Craftsman tool brand last year to Stanley Black & Decker Inc. and an agreement to sell Kenmore and DieHard products through Amazon.com Inc. For years, Chief Executive Officer Edward Lampert has used his own money to keep Sears afloat amid declines in store traffic and sales. The company has already closed hundreds of stores and shaved more than $1 billion from annual expenses.
Lampert's hedge fund, ESL Investments Inc., said in April it would be open to buying some of the company's assets and urged the department store to put the businesses on the block. ESL submitted a bid for the store's Kenmore and Sears Home Improvement businesses at a valuation of around $470 million, according to a regulatory filing last week.
The 125-year-old company had already posted in May a list of 63 locations that will be closing in early September. Sears did not immediately reply to a request for comment.
The Hoffman Estates, Illinois-based retailer's shares have lost value in each of the last four years. So far in 2018, the stock has declined 67 percent.
Here's the full list of closing stores:Kmart
- 935 Sweetwater Road Spring Valley CA
- 1075 Shaw Avenue Clovis CA
- 3625 East 18th Street Antioch CA
- 6310 W 3rd Street Los Angeles CA
- 589 Bridgeport Avenue Milford CT
- 301 College Square Newark DE
- 3231 Chicago Road Steger IL
- 11 South Kings HWY 61 Cape Girardeau MO
- 2308 Highway 45 N Columbus MS
- 605 Old Country Road Riverhead NY
- 440 NW Burnside Road Gresham OR
- 101 Great Teays Blvd Scott Depot WV
- 2150 South Douglas HWY Gillette WY
- Flagstaff Mall, 4800 N US HWY 89 Flagstaff AZ
- Capitola Mall, 4015 Capitola Road Santa Cruz CA
- 2424 Highway 6 And 50 Grand Junction CO
- 2266 University Square Mall Tampa - University FL
- 1625 NW 107th Avenue Doral / Miami FL
- Coastland Ctr, 2000 9th Street N Naples FL
- Oglethorpe Mall, 7810 Abercorn St Savannah GA
- 2860 Cumberland Mall Atlanta GA
- 100 Mall Blvd Ste 300 Brunswick GA
- 1631 E Empire Street Bloomington IL
- 4201 Coldwater Road Fort Wayne IN
- 3000 Mall Road Florence KY
- 1914 Hammond Square Drive Hammond LA
- 50 Holyoke Street Holyoke MA
- Silver City Galleria Taunton MA
- 1250 Jackson Xing I-94 Jackson MI
- 4601 Glenwood Avenue Raleigh - Crabtree NC
- 77 Rockingham Park Boulevard Salem NH
- 1500 South Willow Street Manchester NH
- 4409 Black Horse Pike Mays Landing NJ
- 200 Eastview Mall Victor NY
- 578 Aviation Road Queensbury / Glen Falls NY
- 1400 Union Turnpike New Hyde Park NY
- 2700 Miamisburg Centerville Road Dayton OH
- 9505 Colerain Avenue Cincinnati - Northgate OH
- 11800 SE 82nd Avenue Happy Valley / Portland OR
- 400 Memorial City Way Houston - Memorial TX
- Post Oak Mall College Station - Bryan TX
- 7453 S Plaza Center Drive West Jordan UT
- 12000 Fair Oaks Mall Fairfax VA
- 8800 NE Vancouver Mall Drive Vancouver WA
- 4720 Golf Road Eau Claire WI
- Valley View Mall, 4200 US HWY 16 La Crosse WI