Sears to Close More of its Stores

  • Sharnita Sanders
  • December 30, 2016
  • 0

It’s true that Kmart has been in the game for a long time and the same goes for Sears. However, it would seem that the round of stores closing for Sears Holdings isn’t over.

The company will be closing twenty-four Kmart stores and eight Sears stores late on in April. Liquidation sales are scheduled to take place the beginning of January. It’s more than likely that this won’t be the only round of store closures for 2017.

The holiday sales for the company were not as high as expected and with the steady decline of many of its stores, it could possibly lead to the company filing bankruptcy sometime in the distant future.

There had been talks earlier in the fall that Sears had planned to sell Craftsman, but the deal never took place. However, if things don’t pick up for Sears, KCD brands could be facing a large drop in Sears distributions and annual percentages.

Sears also is on the verge of securing a loan from ESL Investments for $200 million with the possibility of expansion to $500 million. This gradually improves the liquidity of the company by securing a letter of standby with its creditors.

The closing of these stores may be the only option Sears Holdings has at staying afloat. However, what does the mass closing of stores mean for bands like KCD who are mainly dependent on the retail chain and its customers?

Facebook Comments
Previous «
Next »

Sharnita is a nerd at heart with a love of all things geeky. She also has this odd obsession with collecting books of all genre, ranging from contemporary to manga. When not writing, she can be found surfing the web and battling her online shopping addiction.