Store closings have tripled so far this year
- Author: Sidney Guerrero Jun 24, 2017,
Jun 24, 2017, 0:07
Sears stores have struggled with a consumer shift toward online shopping, tough competition from Wal-Mart Stores Inc. and Target Corp., and what analysts have decried as a cycle of underinvestment in stores, which many shoppers see as exhausted or lacking inventory, Crain's reported.
Business Insider reported that the list of stores set to close includes three in OH, three in NY, two in Texas and two in Maryland.
"Sears Holdings continues to actively manage our real estate portfolio to identify additional opportunities for reconfiguration and reduction of capital obligations", Sears said in a statement.
Kmart hopes to retain some of the sales from the Olean store through its Shop Your Way rewards membership program, Riefs said.
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The Sears at the Great Lakes Mall in Mentor is closing, a spokesman for the company confirmed.
The long-struggling department store retailer said it expects to close 59 of its 225 stores and cut 2,900 of its approximately 17,000 workers as part of its restructuring.
Sears is hardly the only retailer shuttering locations. Kmart stores in Clementon, East Brunswick, Manahawkin, Mantua, Pleasantville and Rio Grande closed this year.
On Thursday, Sears Canada, a separate company that Sears spun off in 2012, filed for bankruptcy protection. However, Sears Holdings CEO Eddie Lampert and his ESL Investments hedge fund own an approximate 45% stake in the company.
The company was spending about $11.2 million annually in rent on the 20 leases, according to Seritage, which was formed in 2015 in a sale-leaseback deal that provided Sears with financial aid and real-estate flexibility.