Edhat Staff
(file photo)
Sears Holdings announced it will close 15 Kmart stores and 48 Sears stores in 2018, but local stores will remain open. The company has also identified 100 unprofitable locations it plans to close over time.
The company made an announcement on Thursday during their First Quarter review which shows a net loss attributable to Holdings’ shareholders of $424 million ($3.93 loss per diluted share) for the first quarter of 2018.
“As part of our ongoing efforts to streamline the Company’s operations and focus on our Best Stores, we have identified approximately 100 non‐profitable stores, many of which will begin store closing sales in the near future,” Sears Holdings wrote in a press release.
Employees at the 15 Kmart stores and 48 Sears stores were notified Thursday they will be closing in early September 2018. Liquidation sales will begin as early as June 14 at these closing stores.
While the Kmart store in Goleta and the Sears store in the La Cumbre Shopping Center currently remain open, it’s unclear what the future of the company is. Click here for a list of all the closing store locations.
What could possibly be the reason that a previous post on this subject complimenting Sears employees but noting that Sears is just another corporate operation seeking to get our business (money)? Sears will disappear as will Costco and Walmart. No nostalgia over their passing should be offered as they have no concern for us other than their ability to get bucks out of our pocket. This is the way of free enterprise. Why would this disclosure shock anyone?
The closing list shows only one store in California and one in New York, while states like Texas have a 5 stores closing shop. Could this be a snap shot of today’s middle class economy?
I heard a rumor that the Kmart in Goleta is the most profitable Kmart the company has, since we have no other option. Doubt that store is going anywhere. Also Sears Holdings allegedly owns the land it sits on off La Cumbre, it’s not part of the La Cumbre Shopping Center. They’ll probably hold onto that too.
I bought Levi’s at Sears this weekend. Staff was friendly and helpful. They did not have my size and style but they shipped them to my house with no shipping fee. I know they are trying to compete with On-line internet sellers but I doubt they made much money on the sale. They have good offering for the middle and lower income markets and serve an important role here in Santa Barbara and Goleta. I hope they do not get closed too.
My experience with Sears over the past couple of years is that the service is helpful and customer friendly. The worst part is the attempt, lately much mitigated, to extract data from the customer for the website crud. I will miss it when it goes but things change. Someday Costco may fail as well. These are not personal friends but corporate enterprises trying to make a buck, not to make friends.
I would much rather see our Goleta kmart changed to a superwalmart.
420722 – ANYthing other than the existing Kmart would be awesome. That place is a dump!
I do not care for flaunting labels. In 1984 when I was given a pair of Calvin Klein Jeans, I carefully removed the label and sewed onto my construction tool belt; calling it “designer wear for the proletariat”.
The property the Sears is on was the Larsazg (sp?) farm I believe. The owners gave a 99 year lease for the shopping center to be built. I don’t understand how Sears could actually own the part their store is on. A dairy used to be there, maybe that land was separate from the farm and sold outright. Does anyone know more?
“corporate enterprises trying to make a buck”
Hmm. Another way to say that is people trying to make a living. I suppose the only honorable thing to do is work for free.