Saturday, October 25, 2014

12160: Sears & Kmart To Shut Shitload.

The New York Post reported at least 116 Sears and Kmart stores will be closed—many during the holiday season—liquidating at least 6,000 jobs. Must be a lot of employees shitting their pants right now, including the Teflon-coated hacks at FCB Chicago responsible for some of the worst advertising in the brands’ histories.

Sears to close stores, lay off workers during holidays: report

By James Covert

Eddie Lampert is preparing to deliver more lumps of coal this Christmas — more than 6,000 of them.

The billionaire chairman of Sears Holdings is preparing to close at least 116 Sears and Kmart stores, many of them during the holiday season, in a liquidation that could cost 6,067 jobs, Seeking Alpha reported.

Sears shares rose 4.5 percent Thursday on the news to close at $35.95.

Sears disputed the accuracy of the report, but didn’t provide any numbers on store closures and layoffs, saying it would do so when it reports quarterly results next month.

“Make no mistake, we believe the store will continue to play an integral role in our transformation,” Sears said in a statement. “However, if a store is not generating a profit, it is straightforward that the store should be considered for closure.”

Seeking Alpha’s report cited notices of liquidation sales sent out last month that signaled the closure of 55 Kmart stores, 30 Sears department stores and 31 Sears Auto Centers.

The stores includes two Kmart locations in New Jersey — Paramus and Randolph — where liquidation operations have already begun.

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