Sears and Macy’s Are Closing A Lot of Stores

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Sears announced to employees on Thursday that the company will be closing over 100 more stores which includes 64 Kmarts and 39 Sears stores.

The majority of the jobs at stake will be part-time positions and associates who are eligible will receive severance.

The stores are expected to close between early March and April and liquidation sales will begin as early as next Friday on January 12th.

The company announced in a statement, “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.”

In the last year, Sears has shed more than 60%.

On Thursday morning Macy’s also announced the locations of 11 stores the retailer will be closing this year. Macy’s will be closing 100 locations as well, with the closings already taking place last year.

Disclaimer: We have no position in Macy’s Inc. (NYSE: M) and Sears Holdings Corp. (NASDAQ: SHLD) have not been compensated for this article.