Sears to close another 20 stores

Violet Tucker
June 24, 2017

Sears Holdings mid-September will close another 18 Sears stores and two Kmart stores, a company spokesperson told Retail Dive.

Two of the stores are in Maryland. The closings will bring the number of announced Sears closing to more than 260 this year in a series of three announcements.

The stores will begin liquidation sales on June 30.

The only Chicago-area store among the 20 closing is on North Harlem Avenue in Galewood, Riefs said.

These closures come in addition to the closing of 226 stores - 164 Kmart stores and 62 Sears stores- already announced this year, according to research firm Fung Global & Retail Technology, which tracks retailers' closings. And the retail trouble isn't limited to the US, as Sears Canada filed for bankruptcy on Thursday and announced it would close 59 of its more than 200 locations.

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Sears is the last department store in Springfield's Eastfield Mall.

Sears is hardly the only retailer shuttering locations.

A "virtual career transition" website will be available in the coming weeks at no cost to employees, said a spokesperson.

When TravelBrands filed for creditor protection in 2015, the Amended Sears Agreement - along with dwindling margins and lease obligations including $3.6 million in yearly rent on a vacant building, a holdover from the Thomas Cook Canada deal - was blamed as one of the factors dragging the company down.

RioCan Real Estate Investment Trust (TSX:REI.UN) says the restructuring of Sears Canada is expected to have a far smaller impact on its business than when Target closed up shop in Canada.

Other reports by MaliBehiribAe

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