Sears Holdings, the company parent of struggling retailers Sears and Kmart stores, announced another round of store closings on Wednesday.
Good news for area shoppers, however: The Sears store at the The Mall at Barnes Crossing survived the cut and remains open, as does the Kmart in Columbus.
Sears Holdings said it was closing 78 Kmarts and 26 Sears stores, on top of the 30 Kmarts and 16 Sears locations it announced Dec. 27.
If you’re keeping track, that’s 150 store closings announced in a span of just over a week.
Sears Holdings didn’t say how many jobs would be affected, but said they would be offered some severance and a chance to apply for positions at other stores in the area.
With disappointing holiday sales – down 12-13 percent – the company is running out of options it seems.
The stores being closed had sales of about $1.2 billion, but still was in the red for $60 million.
Sears CEO Eddie Lampert said in a statement that the company was “taking strong, decisive actions…to stabilize the company and improve our financial flexibility in what remains a challenging retail environment.”
“The decision to close stores is a difficult but necessary step as we take actions to strengthen the company’s operations and fund its transformation,” Lampert said. “Many of these stores have struggled with their financial performance for years and we have kept them open to maintain local jobs and in the hopes that they would turn around,” he added.
Sears Holdings has lost about $10 billion since 2010.
The 150 stores will be liquidated, most by the end of March. After their closures, Sears Holdings will have about 800 Kmarts and 675 Sears. Last year, Sears Holdings closed 78 stores and in 2015, it closed 2oo stores.
Ten years ago, there were nearly 1,500 Kmarts and almost 900 Sears locations.
In addition, Sears will sell its Craftsman brand to Black and Decker.