Dozens of Kmart and Sears stores closing; None in Nebraska

Dozens of Kmart and Sears stores closing; None in Nebraska

Dozens of Kmart and Sears stores closing; None in Nebraska

Sears ended the quarter with a cash reserve of $466M. Shares closed down another 40 cents apiece, or almost 13 percent, on Thursday. The Kmart in Rockford also will close, as will the Sears in Springfield. After the just-announced closings, that number will shrink to roughly 820. The company said the nine additional stores that it initially planned to announce would close will be evaluated further. The company had 894 stores as of May 5, down from 1,980 stores in 2013.

The only central IL store expected to close is a Sears in Springfield, located at 104 West White Oaks Mall.

St. Petersburgs Kmart on 66th Street N. will be the last one remainingin Tampa Bay.

Sears moved to ShoppingTown in 1995 from the former Fayetteville Mall. Only 12 Sears department stores will remain in MI after the closures, not counting dozens of franchised Sears Hometown stores.

Sears Holdings, which operates Sears and Kmart locations, has been downsizing for years as it tries to turnaround the company.

The Sears store inside the Honey Creek Mall will remain open. Amazon began selling Sears's Kenmore brand of ovens, washers and other appliances a year ago.

Revenue fell 31.2 percent to $2.89 billion in the reported quarter, partly because of store closures. On Thursday, its shares plunged by more than 12 percent to $2.81.

The struggling retail giant released the full list on Thursday. Its leadership says its working to position itself as a competitor again.

"As we've stated before, our top priority is to return to profitability", Rob Riecker, the company's chief financial officer, said in a Thursday earnings call.

Eligible employees will receive severances and will be able to apply for jobs at other area Sears and Kmart stores.

The exact closing date and start of liquidation sales was not announced, but the company indicated they could begin by June 14.

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