Sears closes another 20 stores

  • Sears closes another 20 stores

Sears closes another 20 stores

Sears Holdings is closing another 20 stores: 18 Sears stores and two Kmart locations, real estate investment trust Seritage Growth Properties confirmed in a Securities and Exchange Commission filing.

The Sears logo is seen on the side of a store March 24, 2005 in San Bruno, California.

"We have been strategically and aggressively evaluating our store space and productivity, and have accelerated the closing of unprofitable stores as previously announced", said Howard Riefs, a Kmart spokesman, in an email. It said it will begin liquidation sales next weekend and that the stores are expected to close by mid-September.

Stores are closing at alarming rate. Sears closed 240 stores previous year and 53 in 2015.

The only Chicago-area store among the 20 closing is on North Harlem Avenue in Galewood, Riefs said. The number so far this year is triple what it was in the same period last year, according to an analysis by Fung Global Retail & Technology, a retail think tank.

Sears Canada was granted court protection from creditors on Thursday and announced plans to close 59 locations across the country and cut approximately 2,900 jobs under a court-supervised restructuring.

While numerous bankruptcies have been by small mom-and-pop retailers with one or two locations, plenty of major national retailers have also filed for bankruptcy. Sears Canada filed for protection from its creditors under Canada's Companies' Creditors Arrangement Act, the equivalent of Chapter 11 bankruptcy, on Thursday. CEO Eddie Lampert has since blasted critics and said Sears is "fighting like hell".