Local Sears and Kmart’s Closing
Sears Holdings (SHLD) announced yesterday that it would be closing 68 Kmart’s and 10 Sears locations this summer, leaving the company with less than 900 Kmarts and under 700 Sears. Store sales for both retailers have declined ever since 2005. Experts attribute the decline of Sears to a lack of store and merchandise upgrades, while Kmarts problem has been the inability to compete with other discounters (namely Walmart).
The Kmart on San Jose Boulevard and the one in Neptune Beach on Atlantic Boulevard will close, as well as the Sears in Regency Mall.