These major chain stores continue to see declines in sales as they round out 2016.
As Kmart and Sears, both owned by Sears, are nearing the end of Q4, data shows that revenue continues to decrease. According to CNN Money, both stores are planning on ramping up store closings in the new year, though the company wouldn’t disclose how many stores will be closed.
While both chain stores had 4,000 locations open in 2011, they are now down to 1,500 stores between them. 2016, in particular, was a major year of closings, with 140 Kmart store closings and 30 Sears closings.
"We will continue to accelerate the closing of underperforming stores,” chief financial officer Jason Hollar told CNN. "We do not intend to borrow money to fund continued operating losses." Instead, the company is looking for ways to raise money and sell off real estate, while also looking for potential buys and/or partners for some of the company’s more established brands.
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