Kmart Closing 28 More Stores, Cites Ongoing 'Transformation'

Sears to shutter another 28 locations, as same-store sales tumble 11.5%

Sales at stores open at least a year declined 11.5% in the fiscal second quarter as the company scaled back the number of pharmacies and electronic products in its stores.

Add 28 K-Mart stores to the next round of closings happening by the end of the year.

The Massillon store, located at 2600 Lincoln Way E, will close in mid-November, with a liquidation sale possibly beginning as soon as August 31.

During the second quarter, Sears Holdings reported total revenue of about $4.4 billion, compared with $5.7 billion in the same quarter a year ago.

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Sears Holdings is closing 28 more stores, all under the Kmart nameplate. Sears' comparable store sales declined 13.2%, with a 12.1% decline excluding the consumer electronics category. On a per-share basis, Sears lost $2.34 during the period ending July 29, not as bad as the $2.48-per-share loss that analysts predicted.

Liquidation sales at the closing Kmart stores could start as early as August 31, and eligible employees at the closing stores will get severance and can apply for openings at other Kmart or Sears stores, the company said. "The comprehensive restructuring of our operations is delivering cost efficiencies helping drive improvements to our operating performance".

Sears Canada is in the process of closing 59 stores and cutting 2,900 jobs nationally while simultaneously looking for fresh investors and buyers for some or all of its business under supervision by the Ontario Superior Court. Earlier this year, the company sold its signature Craftsman brand for more than $900 million, set a goal to cut $1.25 billion in costs and continues to raise cash by selling off real estate.

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