Tuesday, October 28, 2014

K


Summary

  • Closures rise to include 63 Kmart stores, 34 Sears stores, 34 Sears Auto Centers, 1 Kmart distribution center and 1 Sears product repair facility.
  • Sears lists thousands of its open and operating facilities as available for full or partial lease.
  • Sears says its physical stores remain "integral" to its transformation, will hire for the holidays.
More stores have been added to the tally of Sears and Kmart locations shutting down. The locations include 63 Kmart stores; 34 Sears stores; 34 Sears Auto Centers, 32 of which are associated with closing Sears stores; 1 Kmart distribution center and 1 Sears product repair facility. More locations could be added to the list. The closures are scheduled between November and January, with many stores closing before Christmas.
The closures have been compiled from liquidation, layoff and closure notices from Sears Holdings (NASDAQ: SHLD) received by multiple parties, including employees, property managers and local media. 7,048 layoffs have been announced, a number which could still grow.

All Sales Final: Exclusive list of Sears and Kmart closures

StateCityStoreLocationLayoffsLiquidation BeginsCloses
ALCentreKmart1525 Chestnut Byp.54November 2January 18
ALDothanSears + Auto662 W Main St.68September 26Early December
ALHuntsvilleKmartHuntsville Center73November 2Mid January
CADiamond BarKmart249 S Diamond Bar Blvd.Unk.In ProgressDecember 7
CAEl CentroKmart1950 N Imperial Ave.75UnannouncedMid January
CARocklinKmart5615 Pacific St.63October 31Mid January
CASan LeandroKmart250 Floresta Blvd.102Late SeptemberDecember 7
CAYuba CityKmart850 Gray Ave.63September 28December 7
CTTorringtonKmart681 Main St.73September 28Early December
DEClaymontKmart333 Naamans Rd.87Late SeptemberEarly December
FLClearwaterSears
Auto Only
Westfield Countryside21N/ASeptember 13
FLNaplesKmartPark Shore Plaza72November 2Mid January
FLNew Port RicheyKmart5725 US 1958September 28Early December
FLOakland ParkKmart670 E Oakland Park Blvd.112September 4Early November
FLWinter SpringsKmart1425 Tuskawilla Rd.69November 2Mid January
FLZephyrhillsKmart7422 Gall Blvd.68September 28Early December
IAAmesKmart1405 Buckeye Ave.44September 28Early December
IACliveKmart10331 University Ave.49September 26Early December
IAFort DodgeSears + AutoCrossroads Mall41October 31Mid January
IDChubbuckSears
Only
Pine Ridge Mall28August 15Early November
ILBloomingtonKmartColonial Plaza79November 2Mid January
ILCrystal LakeKmart6000 Route 1477September 10November 16
ILDanvilleSears + AutoVillage Mall63September 26Early December
ILForest ParkKmart7630 W Roosevelt Rd.107September 28Early December
ILForsythSears + AutoHickory Point Mall45September 26Early December
ILPeoriaKmartEvergreen Square73September 28Early December
INBedfordKmartTown Fair Center62September 28December
INDecaturKmart804 S 13th St.49September 28Early December
INEvansvilleSears + AutoWashington Square Mall91September 28Early December
INFort WayneKmart820 N Coliseum Blvd.69September 28Early December
INGreenwoodKmart860 Hwy. 31 S78November 2Mid January
INIndianapolisKmart2715 Madison Ave.131September 28Early December
INIndianapolisKmart7425 E Washington St.139September 28Early December
INMuncieKmart1501 E McGalliard Rd.59September 28December
KSWichitaSears + AutoTowne West Square103September 26Early December
KYOwensboroSears + AutoTowne Square Mall52September 26Early December
MAKingstonSears + AutoIndependence Mall73October 31Mid January
MDBaltimoreKmartNorthwest Plaza107September 28Early December
MEPresque IsleSears + AutoAroostook Centre Mall63October 31January 18
MIAnn ArborKmartMaple Village59November 2Mid January
MIBay CitySears + AutoBay City Mall47October 31Mid January
MIBurtonKmart1145 N. Belsay Rd.85September 28Early December
MIFlintKmart3083 Miller Rd.81September 28Early December
MIIron MountainKmart1800 S Stephenson Ave.54November 2Mid January
MIMadison HeightsKmart29101 John R Rd.179September 28Early December
MIPort HuronKmart1179 32nd St.188September 28Early December
MIRochester HillsKmart1100 S Rochester Rd.77September 28Early December
MIWaterfordSears + AutoSummit Place Mall75September 26Early December
MNAnokaKmart1100 W Main St.47September 28Early December
MNBlaineKmart8949 University Ave. NE60September 28Early December
MNBurnsvilleKmart14230 Burnhaven Dr.62September 28Early December
MNWaite ParkKmart40 2nd St. S57September 28Early December
MOFlorissantKmartDunn Center100September 28Early December
MOSt. JosephKmart3909 Hwy. 169 S64August 17Early November
MTBozemannKmart1126 N 7th Ave.37November 2Mid January
MTGreat FallsSears + AutoHoliday Village Mall65September 26Early December
NCCarySears
Only
Cary Towne Center66October 31Mid January
NCGastoniaSears + AutoEastridge Mall65September 19December 19
NCGreensboroKmart1302 Bridford Pkwy.96In progressNovember 2
NCKinstonKmartKinston Square64September 28Early December
NCReidsvilleKmart1623 Way St.54September 28Early December
NDDickinsonKmartPrairie Hills Mall41September 28Early December
NEOmahaKmart13405 W Maple Rd,50September 28Early December
NHClaremontKmart367 Washington St.59September 28Early December
NJParamusKmart859 N Route 1774September 21Early December
NJRandolphKmart140 Route 1091October 5December
NMAlbuquerqueKmartHilltop Plaza59September 28December 7
NVSparksKmart Dist.1400 S McCarran Blvd.100N/ALate December
NYAuburnSears + AutoFingerlakes Mall51October 31Mid January
NYIthacaSears + AutoIthaca Mall37September 26December
NYMassenaSears + AutoSt. Lawrence Centre51October 31Mid January
NYSyracuseKmartErie Blvd E92November 2Mid January
OHColumbusSears Repair6230 Busch Blvd.112N/ANovember 9
OHFairbornKmartFive Points Plaza66September 28Early December
OHMarionSears Auto OnlySouthland Mall9N/ASeptember 27
OHMarysvilleKmart1000 N Main St.40In progressEarly December
OHSolonSears + Auto6221 SOM Center Rd.53SeptemberEarly December
OHSpringfieldKmart1476 Upper Valley Pike68September 28Early December
OKEnidSears + AutoOakwood Mall38October 31Mid January
OKMuskogeeSears + AutoArrowhead Mall60August 15Early November
ORAlbanySears + AutoHeritage Mall57October 31Mid January
PABloomsburgSears + AutoColumbia Mall57October 31January 18
PAChambersburgSears + AutoChambersburg Mall62October 31Mid January
PAFrackvilleSears + AutoSchuylkill Mall84October 31Mid January
PAKing of PrussiaSears + AutoKing of Prussia Mall114October 24Early December
PALebanonSears + AutoLebanon Plaza51October 31Mid January
PARochesterKmart300 Brighton Ave.78September 28Early December
PATarentumSears + AutoGalleria at Pittsburgh Mills97October 31Mid January
PAWarrenKmart1666 Market St.62September 28December 7
PAWest MifflinSears + AutoCentury III Mall88September 26Early December
SCMyrtle BeachKmart1403 N Kings Hwy.59September 28Early December
TNDicksonKmart301 Henslee Dr.65September 28Mid November
UTWoods CrossKmart680 W 2600 S54September 28Early December
VAChesapeakeSears + AutoChesapeake Square82October 31Mid January
VADale CityKmart2851 Dale Blvd.69September 26Early December
VAFront RoyalKmartRoyal Plaza88November 2Mid January
VTRutlandSears + AutoDiamond Run Mall65September 26Early December
WIFond du LacSears + AutoForest Mall42August 15Early November
WIGlendaleSears + AutoBayshore Town Center67September 26Early December
WIJanesvilleKmart2233 Old Humes Rd.70September 28Early December
WVBluefieldSears + AutoMercer Mall64September 26Early December









Closures ca

n cause hassles for customers, especially for pharmacy patients who will have their medical records automatically transferred to other stores, including stores not operated by Sears Holdings. Layaway accounts will also be transferred to other stores or to the website, or be refunded. Those holding gift cards or Kenmore or Craftsman warranties may find that the nearest Sears location is now farther away. Purchases at liquidating stores are final and cannot be returned to other Sears or Kmart locations.
Sears has not revealed the total number of locations being closed, saying it will do so in its next quarterly filing. Those filings do not identify individual locations. Last week, Sears cast doubt on a report regarding the closures of "at least" 46 Kmart stores, 30 Sears department stores and 31 Sears Auto Centers, saying the number of closures was not accurate. Nine additional Kmart stores were later added to the tally. In an email Sunday, Sears spokesman Chris Brathwaite did not dispute a claim that the number of closures is higher than was originally reported, but said that stores have been notified, and that their employees are advised of the situation.
[Follow this reporter on Twitter at @mitchnolen.]
Brathwaite said the retailer's physical stores "will continue to play an integral role in our transformation," a matter of public speculation as bullish investors such as Fairholme Capital founder Bruce Berkowitz promote the company's real estate value.
Sears has leased space at both its closed and operating facilities to a growing variety of tenants, including Kroger, Whole Foods, Aldi, Nordstrom Rack, Forever 21, Primark, Pottery Barn, West Elm, Dick's Sporting Goods, Sports Authority, 24 Hour Fitness, Planet Fitness, and more.
Sears Holdings' real estate division currently reports a US portfolio of 1,798 open Sears and Kmart stores available for full or partial lease, plus 1,086 open auto centers available, and a total of 186 available closed locations. In its second quarter filing, Sears Holdings reported 1,870 US stores open as of August 2.
Brathwaite did not comment on whether Sears is opening any new stores. Healthy retailers may regularly close lower-performing facilities while simultaneously opening new, more promising locations. However, closures of Sears Holdings' retail stores appear to be accelerating, from the 93 announced in 2013 to 130 announced in just the first half of 2014, plus the closures through the rest of the fiscal year ending January 31, as well as any 2015 closures that may be announced over the next three months until fiscal 2014's close.
In addition to income from landlording, Sears has seen growth in its online sales. The company said in its second quarter report that online and multi-channel sales had grown 18% over the prior year. But David Tawil, president of Maglan Capital, says that, while Sears' landlord and online ventures are a path forward, they're not sustainable.
"The online business faces too many formidable competitors and it has not made enough of a splash to date to be a leader," he says. "With respect to real estate, the conventional thinking had always been that ESL's Sears/Kmart investment was a real estate play, and the landlord activity is clearly in-line with that. However, general big-box bricks-and-mortar has become less relevant to retail over time, and that trend doesn't seem like it will be slowing down. So, some of SHLD's portfolio may have good value, however, I don't think that's generally true."
Sears reported employing approximately 226,000 workers at the end of fiscal 2013, down from 317,000 following the merger of Sears and Kmart in 2005. Brathwaite says the company currently employs "more than 200,000" workers and that the company will also engage in holiday hiring.
Tawil said that as the CEO and chairman is both the largest shareholder and the person who controls the release of information and timing of liquidity moves, "the 'house deck' is too stacked against the independent investor for our taste."
The Fitch credit rating agency downgraded Sears' issuer default rating to "CC" last month.
Berkowitz purchased over 400,000 shares of Sears common stock last week, raising his holdings to over 26 million shares valued at over $1 billion as of Friday's close.
Shares of Sears Holdings rose 4.4% Thursday after the first report of store closures. The company's stock rose a further 8.4% to close at $38.97 Friday following the late Thursday disclosure of Berkowitz's continued insider purchases.

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