September 20, 2016
Sears Holdings, parent company of retailer Kmart, will close 64 stores across the United States by year end. The news follows on the company’s closure of 78 Sears and Kmart stores over the summer.
Liquidation sales will begin Sept. 22, with stores closing in mid-December. The latest closures include 17 stores among the 235 locations Sears Holdings sold last year to Seritage. The agreement allowed Sears Holdings to lease the locations, with the option to vacate if the stores lost money.
During Q2 2016 (ending July 30), Sears Holdings posted a $395 million loss, compared to a $208 million profit year over year. Store sales declined 5.2% during the period, while total revenue dipped to $5.7 billion, from $6.2 billion from the same period, the year before.
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