Sears Holdings Corp (SHLD.O) said on Thursday it was shuttering 103 unprofitable Kmart and Sears stores as it continues to streamline operations amid mounting debt and a string of quarterly losses.
Sears Holdings has struggled financially over the past decade and has greatly reduced the number of stores it operates.
"This closing opens up the door for some redevelopment so we have the opportunity to reinvent this anchor store, and help reinvigorate the Houston Galleria", Hogan said.
Liquidation sales will begin as soon as January 12 at the Sears and Kmart stores.
Only two full-sized Sears stores remain in Alabama - one at the Riverchase Galleria and the other in Gadsden, neither of which are on the latest closure list.
"Of course, our economic development crew, and Montgomery County Development Corporation will probably be in contact with Sears Holdings to see if there's anything we can do to change their minds". The Sears Auto Center at that location is expected to close this month. The retail giants have announced several rounds of closings in the previous year as they find ways to "right-size our footprint in number and size", Sears Holdings said in the Thursday news release. Sears is based in IL.
Seritage aims to capture higher rates by slicing up Sears anchor stores into smaller spaces and re-leasing them - such as the former Sears at the King of Prussia Mall, which is now occupied by a Primark and a Dick's Sporting Goods. The Kmart at 3555 Tammany Parkway was the only Louisiana location targeted in the current round of closings.
But analysts have been saying it's likely too late. A store in Goodlettsville is also on the list.
Employees at the stores have reportedly been notified.
Earlier Thursday, Macy's Inc. announced it was closing 11 stores early this year.
"It's definitely the online shopping", she said.