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No local stores on Sears' closure list so far

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Herald staff and Associated Press
No Kmart or Sears stores in Snohomish County were on a list for closure published Thursday by Sears Holdings Corp.
However, the holding company for both Sears and Kmart hasn't finished compiling its list.
Sears announced on Tuesday that it planned to close 100 to 120 of its Kmart and Sears stores across the country due to declining sales. The projected store closings make up about 3 percent of the retailer's stores. It has about 3,560 stores in the United States.
On Thursday, Sears posted a list of 79 stores set for closure on its website. Only two stores in Washington state were on the list: a Sears store in Walla Walla and a Kmart in Lacey.
Sears declined to provide the number of employees it has at those stores.
The retailer said it will update its store closure list as updates become available.
The closing of 100 to 120 stores is expected to generate $140 million to $170 million in cash for Sears as the stores sell off inventory. Sears announced on Tuesday that its revenue fell 5.2 percent for the eight weeks leading up to Dec. 25 -- a crucial time for retailers.
Sears Holdings has watched its cash and short-term investments plummet from $1.3 billion to $700 million since January.
Story tags » Retail



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