Sears told its employees on Thursday that it will be shuttering over 100 more stores.
That consists of 64 Kmart stores and 39 Sears stores, all of which are expected to close between early March and April of this year.
Liquidation sales will begin as early as Jan. 12.
Earlier Thursday morning, Macy’s also revealed the locations of 11 stores that it will be closing in 2018 (nearing in on its previously announced plans to close 100 locations, beginning last year). The company has shuttered more than 120 locations since 2015, hoping that by whittling down its real estate portfolio it can focus on its best assets.
With growing competition from online players and with more brands choosing to sell through their own platforms, department stores including Sears, Macy’s, J.C. Penney and Kohl’s have been forced to rethink their strategies: what inventory they will carry and how they will get it to shoppers.
Written for and published by CNBC News ~ January 4, 2018.
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