More Indiana Sears, Kmart Stores to be Cut
HOFFMAN ESTATES, IL - Multiple Sears and Kmart stores throughout Indiana will be victims of the latest round of closures prompted by the parent company's bankruptcy filing. Illinois-based Sears Holdings Corp. (Nasdaq: SHLD) says a total of 142 locations will be shuttered as part of efforts to return to long-term profitability and competitiveness. Liquidation sales are slated to begin soon and the stores are expected to close by the end of the year. In its most recent earnings report, the company announced a second quarter net loss of $508 million.
Holdings will also close 142 unprofitable stores near the end of the year. Liquidation sales at these stores are expected to begin shortly. The closings add to rounds of cuts within the last year-and-a-half that have included 43 stores announced in May of last year, more than 100 announced in January of this year, 63 announced in May of this year and 46 were announced in August. Eleven Indiana stores were part of those three rounds.
In a news release, Chairman Edward Lampert says "over the last several years, we have worked hard to transform our business and unlock the value of our assets. While we have made progress, the plan has yet to deliver the results we have desired, and addressing the Company's immediate liquidity needs has impacted our efforts to become a profitable and more competitive retailer. The Chapter 11 process will give Holdings the flexibility to strengthen its balance sheet, enabling the Company to accelerate its strategic transformation, continue right sizing its operating model, and return to profitability. Our goal is to achieve a comprehensive restructuring as efficiently as possible, working closely with our creditors and other debtholders, and be better positioned to execute on our strategy and key priorities. As we look toward the holiday season, Sears and Kmart stores remain open for business and our dedicated associates look forward to serving our members and customers. We thank our vendors for their continuing support through the upcoming season and beyond. We also thank our associates for their hard work and commitment to providing millions of Americans with value and convenience."
The Indiana Sears locations slated to close by year's end are located in Greenwood, the west side of Indianapolis and Terre Haute and the Indiana Kmart stores are in Griffith and Jasper.