Sears Holdings announced yesterday it will close an additional 68 Kmarts and 10 Sears over the next few months, on top of the 50 stores it announced it was closing in February, “to accelerate its transformation and its return to profitability.”
11 straight years of comparable sales declines will leave Sears with fewer than 700 department stores, compared to 860 in 2008.
Kmart’s store count will drop below 900, compared to almost 1,400 that same year.
Impacted employees will receive severance and can apply for position at other Kmart or Sears stores.