Several Kmart and Sears Stores to Close Down
At the juncture when the busiest shopping season is about to begin, Kmart and Sears announced that they are about to close seventy seven stores all around the country. It also includes three in mid-Michigan.
Kmart in the beginning of December is shutting down its outlet in San Leandro. This news was confirmed by Sears Holdings, the parent company of the store. Howard Riefs, a spokesman said that around one hundred and two workers will lose their jobs as a result of the closure. The store in San Leandro store started a liquidation sale in September.
Sears is going ahead with these closures as a part of its effort to liquidate several of the company's assets in the middle of reduced sales figures and firm losses which the company has experienced in one year. The company has seen its revenue drop for the last seven years.
Riefs, the Sears spokesperson said, "Store closures are part of a series of actions we're taking to reduce ongoing expenses, adjust our asset base and accelerate the transformation of our business model."
The eligible employees will get severance pay and will also be allowed to apply for jobs in other stores of Sears and Kmart.
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