Sears, Kmart Closing At Least 50 Stores, Including 3 Ohio Locations


MONEYWATCH via CBS NEWS -- Sears Holdings is speeding up efforts to shutter about 50 unprofitable stores after warning its fourth-quarter revenue would come in short of expectations.

The corporate parent of Sears and Kmart says employees at the doomed stores -- primarily Kmarts -- were told in January about the impending closures, which are slated to occur over the next couple of months. "Liquidation sales are currently taking place," said company spokesman Howard Riefs, who declined to say how many workers were affected.

The company will attempt at least $300 million in asset sales during the first half of fiscal 2016. Sears is also still looking at options for its auto center business, which could include a sale of all or part of the operations.

Sears said Tuesday that it has reduced its debt by about $1 billion compared with 2014, and anticipates fourth-quarter revenue of $7.3 billion and full-year revenue of $25.1 billion.

The retailer will release its quarterly and full-year financial results on Feb. 25.

Consumer Media, a nonprofit subsidiary of Consumer Reports, came up with a partial list of planned closings that had been announced to local media outlets:

May: Colonial Heights, Virginia

June: Wauwatosa, Wisconsin

June: Hopewell, Virginia

June: Schuylkill Mall, Frackville, Pennsylvania

June: Greenville, North Carolina

July: Ontario, Oregon

July: Mount Pocono Plaza, Mount Pocono, Pennsylvania

July: Mobile, Alabama

July: Tulsa, Oklahoma

July: Hilltop, Virginia Beach, Virginia

August: Bel Air, Alabama

August: Bellevue Center, Tennessee

October: Vineland, New Jersey

October: Atwater, California

October: Chantilly, Virginia

November: Parkville, Maryland

November: Sturgis, Michigan

November: Spearfish, South Dakota

November: Los Banos, California

November: Davenport, Iowa

November: Lake Park, Florida

December: Belvidere, Illinois

January 2016: South Burlington, Vermont

March 2016: Honolulu, Hawaii

March 2016: Lutz and Daytona, Florida

March 2016: Cleveland, Tennessee

March 2016: Canton, Illinois

March 2016: Daytona Beach, Florida

March 2016: Covington, Virginia

Spring 2016: Florence, Dothan, and Prattville, Alabama

April 2016: Citrus Heights and Chula Vista, California

April 2016: Ottumwa, Iowa

April 2016: Mitchell and Pierre, South Dakota

April 2016: Topeka, Kansas

April 2016: Pocatello, Idaho

April 2016: Logan, Idaho

April 2016: Superior, Wisconsin; Virginia, Minnesota; and Ironwood, Michigan

April 2016: Steubenville, OH

April 2016: Cedar Bluff and Virginia Beach, VA

April 2016: Claypool, VA

April 2016: Milledgeville, GA

April 2016: Dublin, GA

April 2016: Richfield, UT

April 2016: Florence, AL

April 2016: Warren, OH

April 2016: Morton, OH