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Sears Holdings is closing another 20 stores as the distressed department-store chain seeks to stanch the bleeding amid swirling challenges for the retail sector.
Stores in the region that will close include one in the Colonie Center Mall north of Albany, New York, and a Sears in the Rhode Island Mall in Warwick. WBAL reports real estate investment trust Seritage, which owns the 20 real estate properties, confirmed the closings- 18 Sears stores and two Kmart stores - in a government filing Friday. The closings will bring the number of announced Sears closing to more than 260 this year in a series of three announcements.
The latest round of stores will begin liquidation sales by June 30 and will close by mid-September, Sears said in a statement.
The Company will continue to take all necessary action to drive improvements in our organization to achieve our profitability objective with a greater focus on Best Members, Best Categories and Best Stores. Sears has almost halved its store footprint since 2012, from 2,019 then to fewer than 1,200 this year, once all planned closures are made. The Sears Auto Center will close in late July. There have been about 5,300 store closing announcements so far this year, according to Fung Global Retail & Technology, a retail think tank.
The other six locations are Sears Home stores in Calgary, Toronto and four smaller Ontario cities (Kingston, Orillia, Sudbury, Windsor).
On Thursday, Sears Canada, a separate company that Sears spun off in 2012, filed for bankruptcy protection.
The company will not say how many employees will lose their jobs. Sears Holdings owns about 12% of Sears Canada, while Sears CEO Eddie Lampert owns about 45% of its shares both personally and through his hedge fund.
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