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Showing Original Post only (View all)Sears Closing Hundreds Of Stores, Many KMart Stores Going Out Of Business As Well [View all]
Source: The Inquisitr
The Inquisitr-3 hours ago
Sears going out of business sales will be happening across the country this month and it looks like KMart will be joining in. With hundreds of stores expected to close before the year ends, consumers may find sales bigger than the Black Friday, Cyber Monday and Green Monday sales combined.
Just last month, CNN reported that approximately 130 Sears and KMart stores would be closing, but recent reports indicate that at least 235 stores will be locking their doors for good, leaving thousands of employees without a job.
There are approximately 1,870 stores nationwide, including 1,077 Kmart stores and 793 Sears stores. While only 235 are slated to close before the end of 2014, there may be more closings to come. Allan Ellinger of MMG Advisors, an investment bank that specializes in fashion and retailing, tells CNN that the number of stores that are closing is a sign that both Sear and KMart may not be around long-term.
The New York Post reports that Sears reported a loss in the third-quarter of $548 million, which is nothing new for the retailer the company has reportedly booked losses for nine straight quarters. Eddie Lampert, Sears chairman and CEO tells the Post that in addition to closing 235 stores, the company plans to sell 200 to 300 stores to a real estate investment trust (REIT). Under this plan that will supposedly increase cash flow to the ailing company, Sears Holdings would sell or lease stores to a separate company and then lease them from the trust.
Read more: http://www.inquisitr.com/1661493/sears-closing-hundreds-of-stores-many-kmart-stores-going-out-of-business-as-well/