Sears to Close sixty-eight Kmart, ten Sears Stores This Summer

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Source:   —  April 22, 2016, at 1:46 AM

is announcing Thursday that it'll close sixty-eight Kmart stores and ten Sears stores as it struggles to restore profitability. The ailing company had said in Feb that it'd speed up the closing of unprofitable stores.

Sears Holdings Corp. is announcing Thursday that it'll close sixty-eight Kmart stores and ten Sears stores as it struggles to restore profitability.

The ailing company had said in Feb that it'd speed up the closing of unprofitable stores. The move is expected to generate a "meaningful level" of cash from the liquidation of store inventories and from the sale or sublease of some of the related genuine estate, it said.

The closings chase a comprehensive review of the company'south store portfolio that took into account store performance and the timing of lease expirations.

The Sears stores will near in late July; two Kmart stores will near in mid-September.

Sears has long been struggling with a sales slump, unable to hold up with rivals like Wal-Mart.

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