gpolit.com
gpolit.com January 19, 2018


Mandeville Kmart to close as part of national chain's downsizing

08 January 2018, 01:57 | Rufus Hill

Sears store on West Mason Street in Green Bay

Sears store exterior

Sears said Thursday that liquidation sales would begin as early as next week at stores that would close.

The statement said the Kmart stores will close between early March and early April.

At the time, Sears said it had no plans to close the store.

Kmart had 38 stores in MI at the beginning of 2016, when aggressive rounds of store closings began, related to two factors: Chain financial performance and the landlord, Seritage Growth Properties, terminating their occupancy. Three of the Sears stores are in Texas, one each in Austin on I-35, in Houston on Highway 6 and in Midland on North Midkiff Road. Sears has not turned an operating profit in five years and has managed just eight profitable quarters in the last 39 - including last quarter.

While closing a store is always a hard decision because of the impact on our customers, our associates and the community, Macy's is delighted to have served this community over the years.

Sears shares dropped more than 60 percent over the past 12 months, including a 4.5 percent drop Thursday.

In 2006, Sears Holdings operated more than 3,000 locations in the USA and Canada, according to CNN.

In late 1989, Sears moved from that location to be one of the original anchors in the then-new Gateway Mall. Sears leases the almost 200,000-square-foot store from Seritage Growth Properties, a real estate investment trust spun off from Sears in 2015.

The closures in Springfield and Portland will leave four Sears in OR, with the closest to Lane County in Salem. Retail and office space will occupy the lower two levels, replacing Sears' parking lot. Macy's and J.C. Penney have also been shuttering hundreds of stores.

In 2016, the company reported an operating loss of $2.2 billion.

Macy's announced in August it was closing 100 stores, with the remaining 11 stores closing in the first quarter of this year. "People are changing their style of shopping".



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