Less than six months after closing the doors on 78 stores nationwide, Kmart announced it will be shuttering six more Tennessee locations. It is understood that a total of 60 store closures will be made.
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The Abilene Kmart store is also listed as a closing store.
The 64 Kmart store closings include 17 locations that are part of Seritage Growth Properties, a real-estate investment trust that Sears created previous year, the person familiar with the situation said.
Speaking at the time, the retailer said it was just undertaking an inventory project to improve efficiency in its stores and speed up the checkout process. “We have been strategically and aggressively evaluating our store space and productivity, and have accelerated the closing of unprofitable stores as previously announced”. “Sears Holdings will continue to pay Seritage rent until it vacates the stores which is expected to occur in January 2017”.
Over the past five years, Sears Holdings has shut more than 400 Kmart discount stores and supercenters, or about a third of the chain’s locations, according to regulatory filings.
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“It’s important for you to know that until then, the stores will remain open for customers”, Riefs said. Total revenue fell to $5.7 billion from $6.2 billion in the same quarter past year, which actually beat analyst expectations of $5.4 billion.
