Sears to close another 20 stores

Sears has been closing unprofitable locations a spokesman

A spokesperson for Kmart's parent company, Sears Holdings told the paper on Friday that the store will close in September, and a liquidation sale will begin June 29.

Sears stores have struggled with a consumer shift toward online shopping, tough competition from Wal-Mart Stores Inc. and Target Corp., and what analysts have decried as a cycle of underinvestment in stores, which many shoppers see as exhausted or lacking inventory, Crain's reported.

MENTOR, Ohio- Sears is closing two of its stores in Northeast Ohio.

Manhattan-based Seritage Growth Properties, the real estate investment trust that was spun off by Sears Holdings in 2015, owns the entire Huntington Square retail center and will be seeking a new tenant or tenants to replace the Sears store.

The Sears at the Great Lakes Mall in Mentor is closing, a spokesman for the company confirmed. Kmart stores in Clementon, East Brunswick, Manahawkin, Mantua, Pleasantville and Rio Grande closed this year.


The long-struggling department store retailer said it expects to close 59 of its 225 stores and cut 2,900 of its approximately 17,000 workers as part of its restructuring. And the retail trouble isn't limited to the US, as Sears Canada filed for bankruptcy on Thursday and announced it would close 59 of its more than 200 locations.

Sears warned in March that there is "substantial doubt" about its ability to remain in business due to losses that have topped $10 billion since 2010, the last time it turned a profit.

According to Business Insider, these closing will bring Sears locations down to 1,180. Though the company expects to continue operations and plans on using bankruptcy as a way to protect itself after more consistent loses in sales, shares have plummeted 22%.

A "virtual career transition" website will be available in the coming weeks at no cost to employees, said a spokesperson.

Sears' agreement with Seritage lets it end its leases at unprofitable stores in exchange for payment of one year's rent.

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