VOL. 126 | NO. 254 | Friday, December 30, 2011
No Memphis Sears, Kmart Stores on First List of Closures
Daily News staff
No Memphis stores are in the first round of closings Sears Holdings Corp. has announced.
Hoffman Estates, Ill.-based Sears Holdings announced Tuesday, Dec. 27, it planned to close 100 to 120 Sears and Kmart stores. The company released a list of 79 Thursday, Dec. 29, stating the remainder would be announced later.
Three Tennessee Sears are on the closure list, one each in Antioch, Cleveland and Oak Ridge. A Kmart in Henderson, Tenn., is also on the list
Sears Holdings said it expects the closures to generate $140 million to $170 million of cash and reduce fixed closed by $100 million to $200 million.
The company also said it plans to evaluate store performance going forward and “act opportunistically to recognize value from poor performing stores as circumstances allow.”