Sears and Kmart Are Closing 78 More Stores

AV Daily News

Apr 22, 2016

Sears Holdings (NASDAQ: SHLD) has announce that the company will close 68 Kmart and 10 Sears stores this summer.

In February, the company said that it would accelerate the closing of unprofitable stores. Today's announcement follows a comprehensive evaluation of the company's store portfolio that took into account historical and recent store performance, and the timing of lease expirations. All of the Sears stores and nearly all of the Kmart stores will close in late July; two Kmart stores will close in mid-September.

"The decision to close stores is a difficult but necessary step as we take aggressive actions to strengthen our company, fund our transformation and restore Sears Holdings to profitability," saidEdward S. Lampert, Chairman and Chief Executive Officer of Sears Holdings. "We're focusing on our best members, our best categories and our best stores as we work to accelerate our transformation."

Sears Holdings expects the store closures to generate a meaningful level of cash from the liquidation of store inventory and from the sale or sublease of some of the related real estate. Together with the over $1.2 billion in debt financing that Sears Holdings announced it had raised earlier this month to provide capital to execute its transformation and to meet its financial obligations, the company believes it has taken important steps toward its primary 2016 objective to restore profitability.

Eligible associates impacted by these store closures will receive severance and will have the opportunity to apply for open positions at area Kmart or Sears stores. "We are committed to treating these associates with respect and compassion during this process," said Mr. Lampert.

"Sears Holdings will continue to transform as the role of the store evolves to fit the way that members want to shop," Mr. Lampert said. "Through our continued investments in Integrated Retail, our stores are a critical component of our strategy as we provide our members with industry-leading innovations such as Meet with an Expert, In-Vehicle Pickup and Return and Exchange in Five."

Customers can use the store locator function on our web sites to find the location of their nearestKmart and Sears stores.

The closing Kmart and Sears stores will start their liquidation sales on May 12 and April 29, respectively. Following is a complete list of the impacted stores:

Kmart

5980 Chalkville Mountain

Birmingham

Kmart

1101 Beltline Road

Decatur

Kmart

230 Green Springs Hwy

Homewood

Kmart

450 Z Schillingers Road

Mobile

Kmart

300 West Mariposa Road

Nogales

Kmart

2270 East El Monte Way

Dinuba

Kmart

520 S Cherokee Lane

Lodi

Kmart

1475 Hillman Street

Tulare

Kmart

2785 Highway 46

Wasco

Kmart

44 Providence Pike

Putnam

Kmart

9600 San Jose Blvd

Jacksonville

Kmart

500 Atlantic Blvd

Neptune Beach

Kmart

1809 Byron Butler Parkway

Perry

Kmart

7050 S Pulaski

Chicago

Kmart

2721 N Vermillion Street

Danville

Kmart

1150 W Carl Sandburg Dr

Galesburg

Kmart

17355 Torrence Ave

Lansing

Kmart

2909 Court St

Pekin

Kmart

3840 46th Ave

Rock Island

Kmart

3216 E Third Street

Bloomington

Kmart

3525 Grantline Rd

New Albany

Kmart

1320 E 30th Ave

Hutchinson

Kmart

1809 N Dixie Hwy

Elizabethtown

Kmart

4025 Poplar Level Rd

Louisville

Kmart

3911 Taylorsville Rd

Louisville

Kmart

1581 US 68 South

Maysville

Kmart

344 North Mayo Trail

Paintsville

Kmart

2985 Cottingham Expwy

Pineville

Kmart

10 Main Street

Tewksbury

Kmart

8171 W Houghton Lake Dr

Houghton Lake

Super K*

21111 Van Born Rd

Taylor

Kmart

11978 St Charles Rock Rd

Bridgeton

Kmart

1930 E Kearney Street

Springfield

Kmart

118 Highway 72 West

Corinth

Kmart

2424 Central Ave

Billings

Kmart

804 N Broad Street

Brevard

Kmart

3580 East Franklin

Gastonia

Kmart

2750 Roberts Avenue

Lumberton

Kmart

10500 Centrum Parkway

Pineville

Kmart

720 Sutter Creek Blvd

Rocky Mount

Kmart

3001 West 12th

Hastings

Kmart

838 South Road

Poughkeepsie

Kmart

3049 W Ridge Rd

Rochester

Super K

3315 N Ridge E

Ashtabula

Kmart

1705 North Barron Street

Eaton

Kmart

1825 North State Route 19

Fremont

Kmart

2250 Harding Hwy

Lima

Super K*

5350 Leavitt Road

Lorain

Kmart

625 West Central Avenue

Springboro

Kmart

2660 Constitution Blvd

Beaver Falls

Kmart

8800 Frankford Ave

Philadelphia

Kmart

3000 McIntyre Square Dr

Pittsburgh

Kmart

1775 S Braddock Avenue

Pittsburgh

Kmart

3045 Fifth Street Hwy

Reading

Kmart

99 Matthews Drive

Uniontown

Kmart

2209 West Dekalb

Camden

Kmart

1000 18th St SW

Huron

Kmart

2210 Broadway Avenue

Yankton

Kmart

1802 Decatur Pike

Athens

Kmart

945 McCammon Ave

Maryville

Kmart

902 S Main Street

Sweetwater

Kmart

11330 Montwood Dr

El Paso

Kmart

1405 East Expressway 83

Mission

Kmart

210 SE Georgia Ave

Sweetwater

Kmart

1055 East Draper Pkwy

Draper

Kmart

610 West Price River Dr

Price

Kmart

1442 W 90th South

West Jordan

Kmart

1275 Bell Avenue

Hartford

Sears

700 Quintard Dr

Oxford

Sears

600 S University Ave

Little Rock

Sears

9501 Arlington Expy

Jacksonville

Sears

5953 W Park Ave

Houma

Sears

6810 Eastman Ave

Midland

Sears

200 Medley Centre Parkway

Irondequoit

Sears

60 Smithfield Blvd

Plattsburgh

Sears

1377 Marion Waldo Rd

Marion

Sears

101 Clearview Cir

Butler

Sears

2500 W State St

New Castle

* These stores will close in mid-September. All others will close in late July.

Forward-Looking Statements

This press release contains forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995, including statements about our transformation and objective of restoring profitability. Forward-looking statements are subject to risks and uncertainties that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Such statements are based upon the current beliefs and expectations of our management and are subject to significant risks and uncertainties. Factors that could cause actual results to differ from those set forth in the forward-looking statements include, but are not limited to, those discussed in this release and those discussed in our most recent Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. We intend the forward-looking statements to speak only as of the time made and do not undertake to update or revise them as more information becomes available, except as required by law.

About Sears Holdings Corporation

Sears Holdings Corporation (NASDAQ: SHLD) is a leading integrated retailer focused on seamlessly connecting the digital and physical shopping experiences to serve our members – wherever, whenever and however they want to shop. Sears Holdings is home to Shop Your Way®, a social shopping platform offering members rewards for shopping at Sears and Kmart as well as with other retail partners across categories important to them. The company operates through its subsidiaries, including Sears, Roebuck and Co. and Kmart Corporation, with full-line and specialty retail stores across the United States. For more information, visit www.searsholdings.com.

HOFFMAN ESTATES, Ill., /PRNewswire/ - Logos Sears Holdings