CHICAGO — Sears, which owns Kmart alongside its flagship retail brand, announced this week that 40 more Kmart and Sears stores will close in the near future.
The iconic retailer, which filed for Chapter 11 bankruptcy protection last month, said that it will close another 40 Sears and Kmart stores in February, in addition to the 142 locations it previously announced would be closing by the end of this year.
By February 2019, when the latest Sears store closures will be completed, there will be only about 500 Sears and Kmart stores still in business. That’s a major decline compared to 2013, when there were about 2,000 Sears-owned stores in operation.
Liquidation sales are in effect at all of the previously announced Kmart and Sears store closures, and the company reported that the 40 new stores set to be shut will begin hosting going-out-of-business sales next week.