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No Area Sears, Kmarts on Cut List--So Far PDF Print
Written by Steve Frank   
Friday, 30 December 2011 06:59

None of the 79 Sears and K-Mart stores to be closed under a restructuring of the 4th largest full-line retailer are in the immediate area—so far— but four are in North Carolina.  Sears full-line stores in Statesville and High Point are on the ‘to be closed’ list in the Piedmont, along with eastern stores in Rocky Mount and Morehead City. No North Carolina K-Mart stores are listed for closing while stores in Virginia and Tennessee are on the first closing list.  The parent company announced to stock holders they plan to close 100 to120 Kmart and Sears Full-line stores overall, expecting the closures to generate $140 to $170 million of cash as the net inventory in these stores is sold. Their release also said they “expect to generate additional cash proceeds from the sale or sublease of the related real estate.  Further, we intend to optimize the space allocation based on category performance in certain stores.” Just when the rest of the closings will be announced was not in the release.

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