It seems like every other month stores are closing their doors. Sears has been around since 1893 and has decided to close 39 Kmart stores and 64 Sears locations.
Sears Holdings, the parent company of both Kmart and Sears, made a recent announcement about their decision to close over 100 stores in the United States.
The closing of 64 Sears locations and 39 Kmarts came to a shock to thousands of employees last Thursday. Sears did not disclose how many of their employees would be affected but did explain that most of their associates are part-time and that any eligible employee would receive a severance.
"We will continue to close some unprofitable stores as we transform our business model so that our physical store footprint and our digital capabilities match the needs and preferences of our members," the company said in a statement.
For the past few years, Sears has been downsizing and testing out smaller department stores. CNBC spoke with the Sears' CFO, Rob Riecker, and he believes this is "delivering specialized integrated retail experiences" to its customers. Last summer, Sears has been dabbling in the online world as well, more specifically, with Amazon. Sears has two brands with Amazon which include car batteries and tires.
Sears Holding shares have plunged more than 60 percent over the past year. Last Thursday, their stock had fallen close to 4.5 percent.
Liquidation sales will begin as early as January 12 for some stores. These stores will be shutting down in May and April of 2018. For information on specific locations closing, click here.
What do you think about Sears shutting their doors? Let us know in the comment section! In other news, there is one letter that is not in any U.S. state. 50 states and 25 letters—which letter is missing? Check out the article here!