gpolit.com
gpolit.com January 20, 2018


Mandeville Kmart will close in early April, company announces

06 January 2018, 01:37 | Rufus Hill

Commons The Kmart in Plattsburgh is closing in early April

Kmart_Plattsburgh,_NY_6_.jpg

It's closing time for another 39 Sears locations and 64 Kmart stores.

- Sears Holdings Corp (SHLD) said on Thursday it was shuttering 103 unprofitable Kmart and Sears stores as it continues to streamline operations amid mounting debt and a string of quarterly losses.

Sears Holdings had a better-than-expected fiscal third quarter; the company reported a net loss of $558 million compared to a net loss of $748 million for the third quarter of 2016 (an improvement of $190 million).

The Anchorage store is located in the Sears Mall on busy Northern Lights Boulevard, a commercial thoroughfare through the state's largest city. Other New England stores slated for closure are KMarts in Rutland, Vt. and Rochester, N.H. Sears wouldn't say how employees will be affected, but did say the majority of the jobs are part-time positions, and eligible associates will receive severance.

The decline of Sears Holdings has been swift in recent years. The store will close in early April.

Sears Holdings has been closing Sears and Kmart stores since 2012 as the company struggles to remain afloat in a changing retail marketplace.

Sears Canada filed for bankruptcy past year, and is in the process of shuttering its business entirely.

Both Macy's and Sears said they are trying to find the right mix of physical stores and an online presence.



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