Kmart To Close More Than 60 Stores
Sears Holdings just announced 64 Kmart stores will close down by mid-December as the company tries to slim down and regain profitability.
The stores are spread across 28 states and thousands of employees will lose their jobs, USA Today reports. Both Kmart and its parent company, Sears Holdings, have been struggling to stay above water and remain competitive as retail becomes increasingly dominated by other chains and e-commerce.
And they are hardly alone—Macy’s last month said it will close 100 of its 675 locations while Sports Authority is in the midst of bankruptcy and Walmart plans to close down 269 stores globally. [USA]