Published: Fri, August 25, 2017
Worldwide | By Sean Reid

Sears to close another 28 Kmart stores, including two in Pa.

Sears to close another 28 Kmart stores, including two in Pa.

The company blames lack of store traffic and elevated price competition.

Sears Holdings Corp. said in an online statement that "later this morning we will be notifying associates at 28 Kmart stores that we will be closing these stores later this year".

The company dropped that news, its first list of store closings in a month and a half, while claiming that more store closures are all part of an ongoing "transformation" into a 21st-century retailer.

Liquidation of the 28 stores will begin as early as August 31, according to Sears' statement.

Sears' deteriorating financial conditions forced the retailer earlier this year to disclose in a filing with the Securities and Exchange Commission that there was "substantial doubt" about its ability to "continue as a going concern".

The bleeding at Sears Holdings (shld) shows no signs of stopping.

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There now are 21 Kmart stores in New Jersey, including four in North Jersey in Elmwood Park, Passaic, Wayne and Westwood.

Nordstrom was one of the few bright spots, posting a 3.5 per cent increase in net sales to $3.7 billion. Analysts had expected a loss of $2.48 per share.

Sears, once the largest retailer in America, has closed hundreds of stores and sold off assets in an effort to improve its bottom line.

With the closure of the Southbury store, at 100 Main St. N. off exit 15 on Interstate 84, Kmart will have only three stores left in the state - Milford, Vernon and Watertown.

"We are making progress on the strategic priorities we outlined earlier this year and remain focused on returning our company to profitability", Edward S. Lampert, chairman and chief executive officer, said in the second-quarter news release.

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