Sears list of the 46 Stores closing in November

With Sears closing stores amid a mountain of debt, the end may be drawing near for the iconic American retailer, and many of us aren’t ready to see this happen:

Sears Holdings is closing 46 more Sears or Kmart stores as the struggling retailer seeks stability amid questions about its future.

The department store chain also said it will “continue to evaluate our network of stores” and “make further adjustments as needed,” raising the distinct possibility of additional closures as the company continues reeling.

The latest plan involves closing 13 Kmart locations and 33 Sears stores in November, all of which are losing money. The company has closed several hundred locations in recent years. Sears, once America’s most famous retailer, continues to fail

Going-out-of-business sales will begin as soon as Aug. 30.

Sears has suffered from declining mall traffic, a failure to generate enough online sales, pension costs and a lack of investment in its stores.

The company had 365 Kmart stores and 506 Sears full-line stores as of May 5, though some were in the midst of closing. Over the previous year, the company closed 379 full-line stores.

The latest round of closures come as Sears is weighing an offer from its CEO and largest shareholder, Eddie Lampert, to acquire its Kenmore household appliances brand for $400 million.

Lampert has described that deal, which he offered through his hedge fund ESL Investments, as “critical” for Sears. While it’s not clear what he means by that, the retailer is losing cash rapidly, and experts say bankruptcy could be in the company’s future.

“We thank associates affected by these store closures for their many contributions to our company,” Sears said in a statement. “Eligible associates will receive severance and will have the opportunity to apply for open positions at area Kmart or Sears stores.”

What’s happening to this once great giant of a retailer is just too much for those of us raised on Kenmore products that filled our parents’ homes. Going to sears for almost all our retail purchases except for food or vegetables was a venture as a child that’s buried in our fondness memories

Leave a comment

Your email address will not be published. Required fields are marked *