Kmart Stores Closing 2016: Liquidation Sales to Begin Jan. 24

Sears Holding made the announcement today

Kmart stores closing (NASDAQ:SHLD) in 2016 include four in California.

Kmart stores closingThe retailer’s liquidation will begin on Jan. 24 and continue through April, according to a company spokesperon on Wednesday.

Kmart stores closing “are part of a series of actions we’re taking to reduce ongoing expenses, adjust our asset base, and accelerate the transformation of our business model,” the company wrote.

Eligible employees will receive severance and have the opportunity to apply for open positions at local Sears or Kmart stores.

The company did not reveal how many store closures the company plans nationwide.

Sears Holdings posted net losses in 17 of the past 20 quarters, and its annual sales have been falling since 2008.

Kmart reported a 7.5% decline in comparable-store sales in its most recent quarter, which ended Oct. 31.

SHLD stock is down 0.3% Wednesday.

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