Kmart to close at least eight stores - USA
ChainStoreAge.com - Oct 13th 2014, 11:17
Illinois – Kmart Corp. will close at least eight stores by the end of 2014 as part of broader cost-cutting moves by parent company Sears Holding Corp.
Kmart spokespeople sent emails to media outlets in Michigan, Indiana and Iowa announcing that Kmart will close at least five stores in the Detroit area, two in the Indianapolis area and one in Ames, Iowa.
In total, more than 900 employees will be terminated because of the closings, which are scheduled to happen in early December. Eligible employees will receive severance and have the opportunity to apply for jobs in other area Sears and Kmart stores. Liquidation sales in all stores set for closure will begin Sept. 28.
Sears Holding Corp. has been financially struggling for some time. In August, the retailer (which runs both the Sears & Roebuck and Kmart chains) announced its ninth consecutive quarterly loss, amid weak sales. The retailer also announced it might close additional stores on top of the 130 closures that were already underway for 2014.
Eddie Lampert, CEO and largest shareholder of Sears Holdings, loaned the company $400 million earlier this month. However, analysts have said the money will only last three months and that Sears will need $4 billion in capital to avoid running out of cash altogether in 2016.From ChainStoreAge.com
Canada's Hudson's Bay is fishing for young fashionistas
11/09/2019 - 10:39
When Sears Canada announced it was closing all of its stores in 2017, Hudson’s Bay Co (HBC) saw an opportunity: HBC’s Canadian department store chain would swoop in and snatch Sears’s customers. Managers gradually added mid-price apparel to stores from Nova Scotia to British Columbia and waited for sales to take off.
'People aren't spending': stores close doors in 'oversaturated' US retail market
03/04/2017 - 15:47
Boarded-up shops are a common sight in cities across the country as Macy’s, Sears and JCPenney struggle and Credit Suisse downgrades the retail sector
Sears details survival strategy
15/02/2017 - 10:28
It’s not over yet for the embattled Sears Holdings, which is streamlining its operations on the heels of what appears to be a brutal fourth quarter.
Sears Holdings adds to Trump defections
14/02/2017 - 10:04
The Trump brand at retail has taken another hit.
Sears swaps discounts for donations
15/12/2016 - 09:56
Sears is taking the saying, “it is better to give than to receive” to heart.