Sears Holdings Corp. has announced that 40 stores will close in February 2019, adding to the 142 closures the struggling retailer announced previously.
The stores, which include both Kmart and Sears locations, will begin liquidation sales late next week, the company said. Any Sears Auto Stores at these locations will also shutter.
Sears SHLDQ, +9.17% filed Chapter 11 on Oct. 15. The retailer and its chief executive Eddie Lampert followed a complicated and winding path to bankruptcy.
In a statement, Sears said the latest round of store closures is “part of Sears Holdings’ processes to accelerate its strategic transformation and facilitate its financial restructuring.”
Also: A Sears liquidation could create some winners and over 100,000 losers
In addition to store closures, Sears has also released its doorbuster deals for Thanksgiving and the Black Friday shopping holiday. Among the items included at Sears are a Kenmore French-door refrigerator, discounted 55% to $889.99, and a Craftsman tool chest and rolling cabinet, down 41% to $429.98.
Sears stores will open at 6 p.m. on Thanksgiving and close at midnight. On Black Friday, stores will open at 5 a.m.
Kmart stores will open at 6 a.m. on Thanksgiving and close at midnight, then re-open on Black Friday at 6 a.m. The retailer will have deals on shoes, inlcuding buy one pair-get another for $1; pajama pants for men and women for $7; and appliances, such as a two-slice toaster, for $4.99.
And: These Lowe’s stores are closing in the next three months
Also: Good luck snagging closing-down discounts at Lowe’s stores
Kmart, like many other retailers including Target Corp. TGT, -0.54% and Walmart Inc. WMT, +0.49% , is focused on toys. This is the first holiday season without Toys ‘R’ Us to compete with, after its bankruptcy and liquidation.
Sears and Kmart are offering free shipping on orders of $35 or more and free in-vehicle pickup at the store for online orders.
“We want our members and customers to know that we’re open to serve them online and in stores, both at Kmart and at Sears,” said Peter Boutros, chief brand officer for Sears and Kmart, in a statement.
Sears shares have fallen more than 90% in 2018 while the S&P 500 index SPX, -1.05% is up 4.1% for the period.
Source: Read Full Article