Published: Fri, August 25, 2017
Global Media | By Garry Long

Mart Announces Another Round Of Store Closures

Mart Announces Another Round Of Store Closures

The retailer announced Thursday it will be shuttering an additional 28 Kmart stores.

The news was included in the company's fiscal second quarter earnings report along with an update on the more than 300 stores already slated to close this year.

They said they would publicly release a list of closing stores Thursday afternoon.

The move will affect a number of Kmart's stores as these will shutter their doors in mid-Novembers.

In July, Sears announced it was closing 35 locations, and neither Kmart nor the local Sears outlet made the list.

Total revenue fell 22 percent to $4.37 billion, mainly due to store closures, which shaved off $770 million of revenue, the company said.

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The second quarter adjusted loss was $1.16 per share, narrower than the loss of $2.03 per share in the comparable period a year ago.

"We will continue to right-size our store footprint to ensure we are positioned to meet the realities of the changing retail environment, " Rob Riecker, Sears Holdings' chief financial officer, said in a call with investors.

Kmart plans to close both of its Monroe County stores, leaving Batavia as the closest location for the retailer's customers in the Rochester area. Comparable store sales declined 11.5%.

The company also said it had signed a deal with MetLife to reduce its pension liabilities.

Another local store is closing its doors.

Edward Lampert, Sears Holdings chairman and CEO, said, "We are making progress on the strategic priorities we outlined earlier this year and remain focused on returning our company to profitability". Kmart was at one time the nation's second largest retailer, behind Sears. The stock has fallen 46 percent in the last 12 months.

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