As various department stores continue to close throughout the U.S., Sears and Kmart are bearing the brunt of it. Parent company, Sears Holdings, has already closed 350 Sears and Kmart stores throughout the country this year alone.
An additional 45 Kmart stores and 18 Sears stores will be closing in late January 2018, according to USA Today.
Sears Holding released a statement saying:
“Sears Holdings continues its strategic assessment of the productivity of our Kmart and Sears store base and will continue to right size our store footprint in number and size. In the process, as previously announced we will continue to close some unprofitable stores as we transform our business model so that our physical store footprint and our digital capabilities match the needs and preferences of our members.”
The 63 stores that are set to close, will remain open throughout the holidays and all employees will receive severance pay as well as time to apply for new jobs.
Department stores continue to face turmoil as e-commerce stores and online shopping have taken over the industry. Retailers like Amazon create easy access, great prices, and fast shipping while foregoing any expenses required from a brick and mortar store.