According to SearsMedia.com as of Dec. 27, no western Kentucky Sears or Kmart stores are slated for closing after Sears, the parent company of both chains, had lackluster sales over the holiday season. In fact, no store within a two-hour radius of Marion will be closing, although there are a couple in the greater Nashville Area.
Seventy-nine of the 100 to 120 store closings have been announced. Three Kentucky stores are being shuttered, including Kmarts in Hazard and Winchester and Sears Hardlines Only outlet in Middlesboro. Winchester, just east of Lexington, is the nearest of the three. Florida is being hit hardest, with 11 Kmarts or Sears stores being shut down.
"We expect these store closures to generate $140 to $170 million of cash as the net inventory in these stores is sold and we expect to generate additional cash proceeds from the sale or sublease of the related real estate," release on SearsHoldings.com state. "Further, we intend to optimize the space allocation based on category performance in certain stores. Final determination of the stores to be closed has not yet been made."
Each store being closed represents anywhere from 40 to 80 employees left without a job.
The complete list of stores closing will be posted at www.searsmedia.com when final determination is made.
