Sears Holdings Announces Another Round Of Kmart And Sears Closings

Image courtesy of Nicholas Eckhart

There are two related pieces of news out of Sears Holdings this week. First, the company is closing another round of Kmart and Sears stores across the country. Second, it’s set to borrow at least another $200 million from its manifesto-writing CEO.

Business Insider reports that employees were told yesterday that around 30 stores would be closing; this list was not officially released to the media, but we’ve been able to confirm the following closings with other sources.

Update, 1/5/17: This list has now expanded to 150 Kmart and Sears stores that will be closing in February or March: mostly the end of March.

 State Town Mall or Location Store End Date
CA Riverside Iowa Ave Kmart April
FL Golden Gate Golden Gate Parkway Kmart March
KY Bowling Green Scottsville Road Kmart April
KY Corbin N US Highway 25 E Kmart April
KY Georgetown Paris Pike Kmart April
KY London W. Highway 192 Kmart April
KY Owensboro W. Parrish Ave. Kmart April
KY Paducah Kentucky Oaks Mall Sears April
MA Fairhaven Plaza Way Kmart April
NY Amherst Boulevard Mall Sears April
NY Cheektowaga Walden Galleria Sears April
NY New Hartford Commercial Drive Kmart April
NY Wallkill Galleria at Crystal Run Sears April
OK Tulsa S. Yale Avenue Sears April
PA Hermitage Shenango Valley Mall Sears April
WV Bridgeport Meadowbrook Mall Sears April
WV Charleston Charleston Town Center Sears April
WV Elkins Beverly Pike Kmart April
WV Parkersburg Division Street Kmart April
WV Weirton Three Springs Drive Kmart April

 

Meanwhile, Sears Holdings CEO Eddie Lampert is once again lending his own company a huge pile of cash. This latest transaction is a “secured standby letter of credit” for at least $200 million, letting the retailer borrow as needed from affiliates of its CEO’s hedge fund when it needs cash flow.

It is probably not a good sign about the company’s holiday season sales that it needs cash now, though this could just be planning ahead as rating agencies and the company’s own employees have some trepidation about the future of Sears Holdings, especially the Kmart discount chain.