HOFFMAN ESTATES, Ill.,
April 21, 2016 /PRNewswire/
-- Sears Holdings (NASDAQ: SHLD) announced today that the
company will close 68 Kmart and 10 Sears stores this
summer.
In February, the company said that it would accelerate the
closing of unprofitable stores. Today's announcement follows a
comprehensive evaluation of the company's store portfolio that took
into account historical and recent store performance, and the
timing of lease expirations. All of the Sears stores and nearly all
of the Kmart stores will close in late July; two Kmart stores will
close in mid-September.
"The decision to close stores is a difficult but necessary step
as we take aggressive actions to strengthen our company, fund our
transformation and restore Sears Holdings to profitability," said
Edward S. Lampert, Chairman and
Chief Executive Officer of Sears Holdings. "We're focusing on our
best members, our best categories and our best stores as we work to
accelerate our transformation."
Sears Holdings expects the store closures to generate a
meaningful level of cash from the liquidation of store inventory
and from the sale or sublease of some of the related real estate.
Together with the over $1.2 billion
in debt financing that Sears Holdings announced it had raised
earlier this month to provide capital to execute its transformation
and to meet its financial obligations, the company believes
it has taken important steps toward its primary 2016 objective to
restore profitability.
Eligible associates impacted by these store closures will
receive severance and will have the opportunity to apply for open
positions at area Kmart or Sears stores. "We are committed to
treating these associates with respect and compassion during this
process," said Mr. Lampert.
"Sears Holdings will continue to transform as the role of the
store evolves to fit the way that members want to shop," Mr.
Lampert said. "Through our continued investments in Integrated
Retail, our stores are a critical component of our strategy as we
provide our members with industry-leading innovations such as Meet
with an Expert, In-Vehicle Pickup and Return and Exchange in
Five."
Customers can use the store locator function on our web sites to
find the location of their nearest Kmart and Sears stores.
The closing Kmart and Sears stores will start their liquidation
sales on May 12 and April 29, respectively. Following is a complete
list of the impacted stores:
FORMAT
|
STREET
ADDRESS
|
CITY
|
STATE
|
Kmart
|
5980 Chalkville
Mountain
|
Birmingham
|
AL
|
Kmart
|
1101 Beltline
Road
|
Decatur
|
AL
|
Kmart
|
230 Green Springs
Hwy
|
Homewood
|
AL
|
Kmart
|
450 Z Schillingers
Road
|
Mobile
|
AL
|
Kmart
|
300 West Mariposa
Road
|
Nogales
|
AZ
|
Kmart
|
2270 East El Monte
Way
|
Dinuba
|
CA
|
Kmart
|
520 S Cherokee
Lane
|
Lodi
|
CA
|
Kmart
|
1475 Hillman
Street
|
Tulare
|
CA
|
Kmart
|
2785 Highway
46
|
Wasco
|
CA
|
Kmart
|
44 Providence
Pike
|
Putnam
|
CT
|
Kmart
|
9600 San Jose
Blvd
|
Jacksonville
|
FL
|
Kmart
|
500 Atlantic
Blvd
|
Neptune
Beach
|
FL
|
Kmart
|
1809 Byron Butler
Parkway
|
Perry
|
FL
|
Kmart
|
7050 S
Pulaski
|
Chicago
|
IL
|
Kmart
|
2721 N Vermillion
Street
|
Danville
|
IL
|
Kmart
|
1150 W Carl Sandburg
Dr
|
Galesburg
|
IL
|
Kmart
|
17355 Torrence
Ave
|
Lansing
|
IL
|
Kmart
|
2909 Court
St
|
Pekin
|
IL
|
Kmart
|
3840 46th
Ave
|
Rock
Island
|
IL
|
Kmart
|
3216 E Third
Street
|
Bloomington
|
IN
|
Kmart
|
3525 Grantline
Rd
|
New Albany
|
IN
|
Kmart
|
1320 E 30th
Ave
|
Hutchinson
|
KS
|
Kmart
|
1809 N Dixie
Hwy
|
Elizabethtown
|
KY
|
Kmart
|
4025 Poplar Level
Rd
|
Louisville
|
KY
|
Kmart
|
3911 Taylorsville
Rd
|
Louisville
|
KY
|
Kmart
|
1581 US 68
South
|
Maysville
|
KY
|
Kmart
|
344 North Mayo
Trail
|
Paintsville
|
KY
|
Kmart
|
2985 Cottingham
Expwy
|
Pineville
|
LA
|
Kmart
|
10 Main
Street
|
Tewksbury
|
MA
|
Kmart
|
8171 W Houghton Lake
Dr
|
Houghton
Lake
|
MI
|
Super K*
|
21111 Van Born
Rd
|
Taylor
|
MI
|
Kmart
|
11978 St Charles Rock
Rd
|
Bridgeton
|
MO
|
Kmart
|
1930 E Kearney
Street
|
Springfield
|
MO
|
Kmart
|
118 Highway 72
West
|
Corinth
|
MS
|
Kmart
|
2424 Central
Ave
|
Billings
|
MT
|
Kmart
|
804 N Broad
Street
|
Brevard
|
NC
|
Kmart
|
3580 East
Franklin
|
Gastonia
|
NC
|
Kmart
|
2750 Roberts
Avenue
|
Lumberton
|
NC
|
Kmart
|
10500 Centrum
Parkway
|
Pineville
|
NC
|
Kmart
|
720 Sutter Creek
Blvd
|
Rocky
Mount
|
NC
|
Kmart
|
3001 West
12th
|
Hastings
|
NE
|
Kmart
|
838 South
Road
|
Poughkeepsie
|
NY
|
Kmart
|
3049 W Ridge
Rd
|
Rochester
|
NY
|
Super K
|
3315 N Ridge
E
|
Ashtabula
|
OH
|
Kmart
|
1705 North Barron
Street
|
Eaton
|
OH
|
Kmart
|
1825 North State
Route 19
|
Fremont
|
OH
|
Kmart
|
2250 Harding
Hwy
|
Lima
|
OH
|
Super K*
|
5350 Leavitt
Road
|
Lorain
|
OH
|
Kmart
|
625 West Central
Avenue
|
Springboro
|
OH
|
Kmart
|
2660 Constitution
Blvd
|
Beaver
Falls
|
PA
|
Kmart
|
8800 Frankford
Ave
|
Philadelphia
|
PA
|
Kmart
|
3000 McIntyre Square
Dr
|
Pittsburgh
|
PA
|
Kmart
|
1775 S Braddock
Avenue
|
Pittsburgh
|
PA
|
Kmart
|
3045 Fifth Street
Hwy
|
Reading
|
PA
|
Kmart
|
99 Matthews
Drive
|
Uniontown
|
PA
|
Kmart
|
2209 West
Dekalb
|
Camden
|
SC
|
Kmart
|
1000 18th St
SW
|
Huron
|
SD
|
Kmart
|
2210 Broadway
Avenue
|
Yankton
|
SD
|
Kmart
|
1802 Decatur
Pike
|
Athens
|
TN
|
Kmart
|
945 McCammon
Ave
|
Maryville
|
TN
|
Kmart
|
902 S Main
Street
|
Sweetwater
|
TN
|
Kmart
|
11330 Montwood
Dr
|
El Paso
|
TX
|
Kmart
|
1405 East Expressway
83
|
Mission
|
TX
|
Kmart
|
210 SE Georgia
Ave
|
Sweetwater
|
TX
|
Kmart
|
1055 East Draper
Pkwy
|
Draper
|
UT
|
Kmart
|
610 West Price River
Dr
|
Price
|
UT
|
Kmart
|
1442 W 90th
South
|
West
Jordan
|
UT
|
Kmart
|
1275 Bell
Avenue
|
Hartford
|
WI
|
Sears
|
700 Quintard
Dr
|
Oxford
|
AL
|
Sears
|
600 S University
Ave
|
Little
Rock
|
AR
|
Sears
|
9501 Arlington
Expy
|
Jacksonville
|
FL
|
Sears
|
5953 W Park
Ave
|
Houma
|
LA
|
Sears
|
6810 Eastman
Ave
|
Midland
|
MI
|
Sears
|
200 Medley Centre
Parkway
|
Irondequoit
|
NY
|
Sears
|
60 Smithfield
Blvd
|
Plattsburgh
|
NY
|
Sears
|
1377 Marion Waldo
Rd
|
Marion
|
OH
|
Sears
|
101 Clearview
Cir
|
Butler
|
PA
|
Sears
|
2500 W State
St
|
New Castle
|
PA
|
* These stores will close in mid-September. All others will
close in late July.
Forward-Looking Statements
This press release contains
forward-looking statements intended to qualify for the safe harbor
from liability established by the Private Securities Litigation
Reform Act of 1995, including statements about our transformation
and objective of restoring profitability. Forward-looking
statements are subject to risks and uncertainties that may cause
our actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by these forward-looking statements. Such
statements are based upon the current beliefs and expectations of
our management and are subject to significant risks and
uncertainties. Factors that could cause actual results to differ
from those set forth in the forward-looking statements include, but
are not limited to, those discussed in this release and those
discussed in our most recent Annual Report on Form 10-K and other
filings with the Securities and Exchange Commission. We intend the
forward-looking statements to speak only as of the time made and do
not undertake to update or revise them as more information becomes
available, except as required by law.
About Sears Holdings Corporation
Sears Holdings
Corporation (NASDAQ: SHLD) is a leading integrated retailer focused
on seamlessly connecting the digital and physical shopping
experiences to serve our members – wherever, whenever and however
they want to shop. Sears Holdings is home to Shop Your
Way®, a social shopping platform offering members
rewards for shopping at Sears and Kmart as well as with other
retail partners across categories important to them. The company
operates through its subsidiaries, including Sears, Roebuck
and Co. and Kmart Corporation, with full-line and specialty retail
stores across the United States.
For more information, visit www.searsholdings.com.
NEWS MEDIA CONTACT:
Sears Holdings Public
Relations
(847) 286-8371
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/sears-holdings-to-close-stores-to-accelerate-its-transformation-and-its-return-to-profitability-300255711.html
SOURCE Sears Holdings