Bob D Angelo, Cox Media Group National Content Desk
Eighteen Sears stores and 45 Kmarts nationwide are scheduled to be closed in late January, USA Today reported.
Sears Holdings has already closed more than 350 Sears and Kmart stores in 2017.
“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.”
The 63 stores will remain open during the holiday season, USA Today reported. Employees at the closing stores will receive severance pay and an opportunity to apply for other jobs within the retail chains.
“Liquidation sales will begin as early as Nov. 9 at these closing stores,” the company said.
In March, Sears said in a filing with the Securities and Exchange Commission that it had “substantial doubt” about its ability to stay in business unless it could borrow more and generate additional cash from its assets, USA today reported.