Sears Holdings Corp (NASDAQ:SHLD) announced that the company is shuttering the doors of at least 40 more stores in the coming months.
The retail chain announced that it will be closing 40 Sears and Kmart stores in July and August, according to a Business Insider report from May 19. The company has yet to comment on the matter, which includes 31 Sears locations and nine Kmart stores that will be closing in 24 states.
Here is the list of stores that are shuttering their doors in the coming months:
- Park Mall, 5950 E Broadway Blvd. Tucson, Arizona
- Sunrise Mall, 5900 Sunrise Blvd., Citrus Heights, California
- Westfield Galleria at Roseville, 1191 Galleria Blvd., Roseville, California
- Solano Town Center, 1420 Travis Blvd., Fairfield, California
- Parkway Plaza, 575 Fletcher Parkway, El Cajon, California
- Dover Mall, 1000 Dover Mall, Dover, Delaware
- University Mall, 7171 N Davis Hwy, Pensacola, Florida
- Countryside Mall, 27001 Us 19 N, Clearwater, Florida
- Oaks Mall, 6201 W Newberry Rd, Gainesville, Florida
- Broward Mall, 8000 W Broward Blvd, Plantation, Florida
- Sears Town Mall, 3550 S Washington Ave, Titusville, Florida
- North Point Mall, 6000 North Point Cir, Alpharetta, Georgia
- Marketplace at Six Corners, 4730 W Irving Park Road, Chicago, Illinois
- Quincy Mall, 3400 Quincy Mall, Quincy, Illinois
- Lindale Mall, 4600 First Ave. NE, Cedar Rapids, Iowa
- Towne Mall, 1704 N Towne Dr, Elizabethtown, Kentucky
- Prien Lake Mall, 640 W Prien Lake Rd, Lake Charles, Louisiana
- Columbia Mall, 2201 W Worley St, Columbia, Missouri
- Maplewood Mall, 3001 White Bear AVE N, Maplewood, Minnesota
- Meadowood Mall, 5400 Meadowood Mall Circle, Reno, Nevada
- Greece Ridge Center, 317 Greece Ridge Center Dr, Rochester, New York
- Summit Park Mall, 6929 Williams Rd, Niagara Falls, New York
- Independence Mall, 3500 Oleander Drive, Wilmington, North Carolina
- Asheville Mall, 1 S Tunnel Road, Asheville, North Carolina
- Southern Park Mall, 7401 Market St., Youngstown, Ohio
- Johnstown Galleria, 540 Galleria Drive, Johnstown, Pennsylvania
- Wyoming Valley Mall, 88 Wyoming Valley Mall, Wilkes-Barre, Pennsylvania
- York Galleria, 2899 Whiteford Rd., York Pennsylvania
- Citadel Mall, 2068 Sam Rittenberg Blvd., Charleston South Carolina
- Park North Shopping Center, 622 NW Loop 410, San Antonio, Texas
- Danville Mall, 325 Piedmont Dr, Danville, VA 24540
- Warrenton Village Center, 141 W Lee Hwy, Warrenton, Virginia
- Overlake Fashion Plaza, 2200 148th Ave NE, Redmond, Washington
- 1602 W Brandon Blvd., Brandon, Florida
- 180 Main St., Saugus, Massachusetts
- 74-5456 Kamakaeha Ave, Kailua-Kona, Hawaii
- 1813 Caldwell Blvd., Nampa, Idaho
- 180 Broadway, Elmwood Park, New Jersey
- 970 Easton Ave #7235, Somerset, New Jersey
- 321 Stadium Plaza, Jersey City, New Jersey
- 19 Kocher Drive, Bennington, Vermont
- 750 N 3rd St, Laramie, Wyoming
“Those associates that are eligible will receive severance and have the opportunity to apply for open positions at area Sears or Kmart stores,” said Sears spokesman Howard Riefs in regards to the workers who are losing their position at these positions.
The company closed more than 100 stores in March and April, which included 64 Kmart stores and 39 Sears locations, many of which were located in malls. Last year, the retailer also closed down about 250 stores.
The chain also announced last month that it would put a number of its stores for auction online, many of which are located inside of malls. However, a few of these stores are standalone locations that you can find online at Real Insight Marketplace.
These stores will be sold to the highest bidders in sell and lease back deals. This means that the company will be selling these locations and then leasing them in order to continue operating business as usual in these places.
Sears has been trying to sell a large chunk of its real estate with the intent of raising cash as it struggles to meet quarterly forecasts. The chain has reduced the size of its store counts by half within the last five years.
The company had about 1,002 stores as of early February, well below the 1,980 it had at the end of 2013. Plus, that number got smaller following the 103 store closings in April, as well as the 40 latest closures that will see the doors of these stores be closed by August.
The move is quite a departure from the fact that Sears used to be one of the largest department store chains in the U.S for many years. The company was once a leader in the retail space, attracting plenty of foot traffic before e-commerce became the norm.
Mall owners are now faced with the task of making a decision regarding how they will fill the spaces left by the vacant Sears stores. It sometimes takes years to fill in a gap in a mall, but the move is a positive one for some mall owners as they can get creative with that space.
“The sky is the limit for what you can do” with dark space at the mall or within shopping centers,” Greg Maloney, head of JLL’s Americas retail business, told CNBC. “You don’t have to fill retail with retail anymore.”
Two of the most popular ideas out there are apartment complexes and hotels, which would give easy to access to tenants who’d like to do some shopping outside their homes.
SHLD stock is up 0.4% Monday.