HOFFMAN Estates, Ill. (WATE) — A bleeding Sears Holdings Corporation, announced they are closing another 28 Kmart stores Thursday.
The struggling-retailer said it would notify employees later Thursday at the affected locations. They said they would publicly release a list of closing stores Thursday afternoon.
“We continue to transform our business model so that our physical store footprint and our digital capabilities match the needs and preferences of our members,” said a spokesperson from Sears Holdings Corporation.
Sears Holdings Corp. has already closed hundreds of Sears department stores and Kmart stores, including locations in North Knoxville, Oak Ridge and Morristown. Sears Holdings said sales fell 13 percent at Sears and 9 percent at Kmart. Shares have dropped almost 8 percent since the beginning of the year. The stock has fallen 46 percent in the last 12 months.
The company blames lack of store traffic and elevated price competition.