The Kmart stores closing list 2018 (NASDAQ:SHLD) is getting bigger and bigger with each passing month as parent company Sears Holdings continues to struggle to reach revenue and profit margin goals, forcing it to downsize.
It’s been a tough couple of years for the Sears and Kmart brands as both retailers have had to lay off plenty of workers as it closes more and more stores. Most recently, the company announced in late August that it was shuttering the doors of 13 more Kmart locations, which is an extension of an ongoing initiative that began several years ago and saw the company close down 45 more Kmart locations in 2017.
In the latest expansion of the Kmart stores closing list 2018, the company said that six more Sears stores and five Kmart stores will be closed down. Most of these closings are slated to take place in November and December.
The move comes as Sears Holdings has been struggling to remain overboard as it faces its next debt-repayment deadline. CEO Eddie Lampert and his hedge fund ESL Investments submitted a proposal that seeks for more time to help the company revitalize its business.
He wants creditors to carry out a move that would restructure roughly $1.1 billion of debt coming due in the next two years, while also asking the Sears board to sell $1.5 billion worth of real estate. Plus, he wants the board to divest itself of $1.75 billion of assets.
SHLD stock was down about 1.1%
Here is the store closing list.
- 1500 Fitzgerald Dr, Pinole, California
- 6865 Hollister Ave, Goleta, California
- 635 Dutchess Turnpike, Poughkeepsie, New York
- 6626 Metropolitan Avenue, Middle Village, New York
- 4251 John Marr Drive, Annandale, Virginia