Economy

Sears, Kmart stores slated for closure in months ahead, company says

Sears, Kmart stores slated for closure in months ahead, company says”

Transformco, which owns Sears and Kmart, announced Thursday its plan to close 96 of the stores nationwide, including Kmart in Atascadero and Sears at the Santa Maria Town Center Mall.

The Central Coast is losing the last of its remaining Sears and Kmart stores. Existing Kmarts in Chambersburg and Elizabethtown are already in going-out-of-business sales, as part of an earlier round of closures.

The move will leave just 182 Sears and Kmart stores overall, of which the only one remaining in Northeastern Pennsylvania will be the Mark Plaza Kmart in Edwardsville.

Going out of business sales will begin December 2, the company announced.

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Sears in Chula Vista will shut down by February 2020, the chain's parent company said Thursday. "To support these initiatives, our owners (along with a third-party investor) have recently provided the company approximately $250 million in new capital", released Transformco in a media release.

Sears and Kmart have been struggling in recent weeks to keep pace with competition from Amazon, as well as other box retailers quick to adopt technology, such as Walmart.

After this latest round of closures, Sears will have stores in Braintree, Brockton, Hanover, Marlborough, North Attleboro and Saugus, as well as appliance outlet stores in Holyoke and Fall River. If nothing else, Transformco said in its Thursday statement it expects to "realize a significant return on our extensive portfolio of owned and leased real estate".



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