Sears Holdings Corp. on Thursday said it will close 68 Kmarts and 10 Sears stores nationwide, but none in Nevada.
The Associated Press said the closings, taking place across 27 states, will account for 5 percent of its 1,700-store base. According to a closing-store list published by USA Today, one Kmart in Arizona and five Kmarts in California are marked for closure. But the eight Kmarts and 10 Sears stores in the Las Vegas Valley will apparently be spared.
Hoffman Estates, Illinois-based Sears Holdings said in February that it would quicken the pace of unprofitable-store closings after a “challenging” holiday season. The company said Thursday it expects the forthcoming closures to generate a “meaningful level” of cash from the liquidation of store inventories and from the sale or sublease of some of the related real estate.
The AP reported that all 10 Sears stores and nearly all the Kmart stores will close in late July; two Kmart stores will close in mid-September.
In the fourth quarter, which includes the holiday shopping season, same-store sales, or sales at stores open at least a year, fell 7.2 percent at Kmart and 6.9 percent at Sears. The company’s fourth-quarter loss widened to $580 million, from a $159 million loss a year ago.
Sears wouldn’t say how many workers the store closures will affect, but did say that an overwhelming majority of the jobs are part-time positions. Eligible associates will receive severance and will have the chance to apply for open positions at area Sears or Kmart stores.
Sears Holdings shares fell 64 cents, or 3.43 percent, Thursday to close at $18.01 in regular trading on the Nasdaq. The shares rose $1.14, or 6.33 percent, to close at $19.15 in after-hours trading.