From Tire Review
Reuters reported late last week that Sears Holdings Corp. will close more than 100 stores and auto centers, and cut nearly 5,500 jobs in the U.S. in its latest moves to remain viable.
Citing Seeking Alpha reports of liquidation notices and employee communication, Reuters said that most of the closures and job cuts are slated to come before Christmas and be completed by the end of January
2015.
The closures will impact 31 Sears Auto Centers, 46 Kmart stores and 30 Sears department stores. Sears Holding, which has piled up a string of bad sales and financial results over the past several years, closed 75 Kmart stores and 21 Sears stores in the first half of 2014.
Two weeks ago, Sears Holdings announced it was selling most of its stake in Sears Canada for a reported $380 million, generating much-needed cash ahead of the crucial holiday shopping season, according to a Reuters report.
In December 2013, the company raised about $500 million from the spinoff of its Lands’ End clothing business and $165 million from the sale of real estate.
This past September, Sears Holdings also took a short-term loan of $400 million from chairman and CEO Eddie Lampert’s ESL Partners LP. As of Aug. 2, Reuters said, Sears had 1,077 Kmart stores and 793 Sears stores in the U.S., and an estimated 225,000 U.S. employees.
