Sears Holdings axes 64 Kmart stores in latest round of closings

Sears Holdings has announced more than 100 store closings, which include 39 Sears locations and 64 Kmart stores as part of its latest round of efforts to shrink its footprint. The Hoffman Estates, Ill.-based company said that the stores would begin liquidation sales as early as January 12, with the first round of closings beginning in early March, continuing through early April.

“Sears Holdings continues its strategic assessment of the productivity of our Kmart and Sears store base and will continue to right size our store footprint in number and size,” the company said in a statement. “In the process, as previously announced we will continue to close some unprofitable stores as we transform our business model so that our physical store footprint and our digital capabilities match the needs and preferences of our members.”

Other efforts that Sears Holdings have undertaken lately as it weathers headwinds— most recently posting a net loss attributable to shareholders of $558 million in its third quarter 2017 — include reducing the number of pharmacies in open Kmart stores. The company has attributed this move as a contributor to revenue decline. For Q3 2017, Sears Holdings posted a $1.3 billion decline in revenue compared with the prior-year Q3. Kmart comparable-store sales declined 13% for the quarter, with Sears comps dropping 17%.

A call inquiring about the number of pharmacies on the chopping block as a result of these closings was not immediately returned.