Sears Holdings Corporation says it will close 68 Kmart stores and 10 Sears stores as it struggles to restore profitability. Some of those stores are in Ohio.
Jim Letizia reports.
The company said in February it would accelerate the closing of unprofitable stores. The company will liquidate store inventories and sell or sublease some of the related real estate. The Sears stores will close in late July; two Kmart stores will close in mid-September. Six of the stores are located in the Ohio cities of Ashtabula, Eaton, Fremont, Lima, Lorain and Springboro. The closings follow a comprehensive review of the company's portfolio that took into account store performance and the timing of lease expirations. Sears has long been struggling with a sales slump, unable to keep up with rivals like Wal-Mart. Last year, Sears closed its Lockbourne Road distribution center as part of a strategy to optimize the company's distribution network.
