Sears, Kmart closing another 103 stores
Sears Holdings officials told its Thursday they plan to close an additional 103 stores, CNBC reports.
The company will shutter 64 Kmart stores and 39 Sears stores by early April.
Liquidation sales will begin as early as Jan. 12, Sears officials said.
Business Insider reports the company’s sales are down 45% since early 2013. After this round of closures, Sears will have less than 940 stores. Six years ago, the company had 3,510 stores.
Two years ago, Kmart had 940 stores, and now it will have about 400 locations after the closure.
Sears Holdings closed nearly 400 Sears and Kmart locations in 2017, according to Business Insider.
Company officials released a statement on the closures saying:
“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.
“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 preference of our members.”