Sears continues its store downsizing
Bankrupt Sears is downsizing its fleet yet again.
The retailer on Thursday said that 40 locations — 29 Sears stores and 11 Kmart units — will close their doors in February 2019. Liquidation sales at the 40 stores are set to begin late next week.
The new closings are on top of the nearly 200 stores the company previously said it plans to shutter in the coming months. Combined, the closures are expected to leave Sears with fewer than about 500 store locations. The beleaguered retailer had previously estimated it has about 400 stores that could be profitable on their own if it survives bankruptcy.
Sears is still in the process of trying to formally secure the funds it needs to stay in operation until it can find a potential buyer to avoid liquidation. When the retailer filed for bankruptcy on Oct. 15, it announced it would close 142 unprofitable stores and warned more closures could follow.
The retailer on Thursday said that 40 locations — 29 Sears stores and 11 Kmart units — will close their doors in February 2019. Liquidation sales at the 40 stores are set to begin late next week.
The new closings are on top of the nearly 200 stores the company previously said it plans to shutter in the coming months. Combined, the closures are expected to leave Sears with fewer than about 500 store locations. The beleaguered retailer had previously estimated it has about 400 stores that could be profitable on their own if it survives bankruptcy.
Sears is still in the process of trying to formally secure the funds it needs to stay in operation until it can find a potential buyer to avoid liquidation. When the retailer filed for bankruptcy on Oct. 15, it announced it would close 142 unprofitable stores and warned more closures could follow.