Published: Sat, June 24, 2017
National | By Miranda Cannon

Sears to close another 20 stores

Sears to close another 20 stores

A spokesperson for Kmart's parent company, Sears Holdings told the paper on Friday that the store will close in September, and a liquidation sale will begin June 29.

The Sears logo is seen on the side of a store March 24, 2005 in San Bruno, California.

Sears Canada plans to close 59 stores and cut approximately 2,900 jobs under a court-supervised restructuring.

Kmart hopes to retain some of the sales from the Olean store through its Shop Your Way rewards membership program, Riefs said.

The Company will continue to take all necessary action to drive improvements in our organization to achieve our profitability objective with a greater focus on Best Members, Best Categories and Best Stores. RadioShack, Gymboree, Rue21 and Payless Shoes have all filed this year, and other retailers already in bankruptcy, such as The Limited, have closed all their stores.

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The affidavit also stated that TravelBrands shoulders substantial commission and royalty payments under the Amended Sears Agreement, as well as rent and operational costs related to the staffing of 88 Sears Travel retail locations.

But Sears, along with Macy's and J.C. Penney, are "future-proofing their offerings by closing stores", according to a new report from retail think tank Fung Global Retail & Technology. Lampert is chairman of both Sears and Seritage.

And Sears Holdings owns another 12% of the Canadian retailer.

The number of affected employees was not publicly available.

Seritage is a real estate company that was created by Lampert in 2015 in order to buy Sears Holdings properties and then lease them back to the retailer to free up cash.

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