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Sears Reportedly Closing 40 More Stores; Additional Closures On The Way

Sears Reportedly Closing 40 More Stores; Additional Closures On The Way

Sears will shutter an additional 40 Sears and Kmart stores in February 2019, and may announce even more closures on Nov. 15, reported USA Today. The retailer is liquidating these stores on top of the 142 previously announced as part of bankruptcy proceedings.

The closures will affect 29 Sears and 11 Kmart locations, with liquidation sales expected to start late the week of Nov. 12. Any Sears Auto centers connected to the affected stores will close as well.

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Sears’ rapidly shrinking footprint is aligned with the retailer’s goal of emerging from bankruptcy as a much smaller company. Sears is already down to 687 stores and 68,000 employees, from 1,000 stores with 89,000 employees in February 2018. The retailer is aiming to move through the bankruptcy process quickly, with a Chapter 11 reorganization plan filed by late December and confirmed in March 2019.

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