SAN DIEGO, California — Sears announced plans to close another 46 Sears stores and Kmart, including in Spring Valley.
Over 100 stores were already closed this year, which include the last remaining Sears in its hometown of Chicago – as it attempts to stem losses.
At 13 Kmart and 33 Sears stores, employees were notified that their location will be closed by November. When Sears and Kmart merged, it was in 2005, they had about 3,500 US stores between them. About 900 US stores remain and more closings are likely.
Liquidation sales at some of the stores will start as soon as August 30.
Starting from 2010, Sears lost over $11.2 billion. The year of 2010 was the last profitable year and ales have plunged 60% in that time.
“We continue to evaluate our network of stores, which is a critical component to our integrated retail transformation, and will make further adjustments as needed,” the company said in a statement.
The company has been looking at selling assets as a way to raise money.
The CEO and majority shareholders Edie Lampert offered to buy the company’s Kenmore appliance brand for $400 million, and its Sears Home Services division for $70-80 million.
Also, there are plans to negotiate with lenders to try to extend the repayment schedule for some of Sears’ debt.