Kmart Parent Company To Close More Stores
The sales crisis continues and shows no indication of slowing down for Sears and Kmart. and will cause the company to close another 72 stores.
The company, whose stores include Sears and Kmart has been engaging in a virtually non-stop campaign of downsizing as it seeks a turnaround that has proved elusive at best. The company hopes to release a list of closings later today.
Sears Holdings has closed about 530 struggling locations in the past year and the latest round of closures will begin in the near future. The company said the next round of closings will be complete by early November.
The company has been facing declining mall traffic, heightened online competition and strategic missteps, Sears sales have plummeted.
The retailer said one bright spot was that same-store stores in the apparel, footwear and jewelry categories increased at both Kmart and Sears locations.
Sears has inspired some hope in its investors in recent months through a deal with Amazon to provide services for tires sold online, and with a credit card deal with Citi.