Woonsocket Sears to close in March

06 January, 2017, 00:59 | Author: Elaine Woods
  • Courtesy of Graphiq

Sears Holdings, the company parent of struggling retailers Sears and Kmart stores, announced another round of store closings on Wednesday.

In its announcement, Sears Holdings said the decision to close stores is "a hard but necessary step" as the company implements actions to strengthen operations and fund its transformation.

Sears Holdings said closing the stores will help the company become profitable again.

Numerous stores slated to be shut down have struggled financially for years but have been kept open to maintain local jobs in the hopes they would turn around.

Some store employees will be eligible for severance packages and could find positions at other locations.

The company will close 108 Kmart stores and 42 Sears stores this spring.

Sears will continue to sell Craftsman products at its stores.

All of the stores will close some time in the spring, according to a release from the retailer, but no specific date has been named.

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"The location might limit new tenant activity to a certain level, but we are in a much improved real estate market, so leasing as a whole is much better than it has been in recent years", Aydelotte said.

Kmart stores will be closed in Dubois, Erie, Lancaster, Mechanicsburg, Monroeville and Mount Pleasant.

Sears is the second anchor the Snyder County mall will lose in two years, following the closure of J.C. Penney in April 2015.

Liquidation of the stores closing will begin as early as Friday.

It was unclear how many employees will be affected by the store closings. That's why we are staying open. Locally, that includes the Garden City Kmart on Ford at Middlebelt, the Westland store on Wayne Road at Cherry Hill and the Plymouth store on Ann Arbor Road.

She said didn't notice any obvious signs the store is about to close during her visit there on Wednesday night, although she thought it odd that children's clothing was marked down 50 percent.

On Wednesday the hedge fund mogul agreed to lend Sears Holdings $500 million via his ESL Investments fund - on top of a $200 million credit line ESL extended to Sears Holding last week.

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