In all, the company is closing 64 stores in 28 states.
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Monday’s closings announcement is the latest such announcement for Sears Holdings.
“We have been strategically and aggressively evaluating our store space and productivity, and have accelerated the closing of unprofitable stores as previously announced”, Riefs said via email.
Although not in Kentucky, the Clarksville, Tennessee Kmart is on the closing list.
It’s not known at this time how many employees will be affected by the closures. Most of the associates are part time/hourly. But since its opening two decades ago, the Hixson Kmart on Highway 153 has captured only a fraction of the business of its rival Wal-Mart superstore just a couple of miles down the road.
“We are working very hard on building economic development”.
WBIR-TV in Knoxville reported that five other Kmart stores are scheduled to close in Tennessee in Clarksville, Hixson, Memphis, Nashville, and Smyrna.
A Sears spokesman said the company will provide an updated store count when it releases its next quarterly earnings report.
The website stated Sears Holdings Corporation informed store employees of the closures Friday. He said the company “will remain focused on our best stores”. The move comes six months after 78 Sears and Kmarts nationwide were closed. “It has been staple in our community for years, on Silver Parkway and before, when it was out on North LeRoy Street before they built the new store”. And Walmart said in January that it was shuttering 269 locations across the globe.
Sears had a total long term debt of $3.4 billion and cash balance of $276 million as of July 30, 2016.
Over 870 Kmart stores are still open today, but that is down from about 1,300 in 2012.
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Nonetheless, that represented an improvement compared to the drop that took place during the previous quarter.
