FILE: K-Mart @ McRae | Photo courtesy Google Earth
Stung by losses and slow sales, Sears Holdings – the parent company of both K-Mart and Sears – announced Wednesday the closures of more stores nationwide, including two of the retail giant’s original stores in El Paso.
According to the news release, the K-Mart locations at 1120 Mc Rae Blvd and 9484 Dyer Street would be closing this spring, with ‘Going out of Business’ sales starting as soon as this Friday, January 6th.
Both stores, built in the mid-60’s, were the newest retail outlets in their neighborhoods – especially the McRae location which was the largest store on the city’s then ‘far east side,’ located just off the newly completed interstate.
The closure now leaves only three locations open in the city: Sunland Park in West El Paso, Montana Avenue near the airport and in the Lower Valley at Zaragoza and North Loop.
In a similar move, Macy’s announced the closure of 68 stores around the country, including the chain’s location at Sunland Park Mall. Macy’s Incorporated owns the brand, and is not affiliated with Sears Holdings.
In a news release, Macy’s says 71 associates would be affected by the closure. The 105,000 square foot store opened in 2004. The news release went on to state that the final clearance sales will begin on Monday, January 9, and run for approximately eight to 12 weeks.
Below is the complete release from Sears Holdings:
“Sears Holdings will continue to strategically and aggressively evaluate our store space and productivity, and accelerate the closing of some unprofitable stores as the company has previously announced.
• On Wednesday, January 4, 2017, the company informed associates at 78 Kmart stores and 26 Sears stores that their stores would be closing this spring.
• On Tuesday, December 27, 2016, the company informed associates at 30 Kmart stores and 16 Sears stores that their stores would be closing this spring.
The decision to close stores is a difficult but necessary step as we take actions to strengthen the Company’s operations and fund its transformation. Many of these stores have struggled with their financial performance for years and we have kept them open to maintain local jobs and in the hopes that they would turn around.
But in order to meet our objective of returning to profitability, we have to make tough decisions and will continue to do so, which will give our better performing stores a chance at success. Eligible associates impacted by these store closures will receive severance and will have the opportunity to apply for open positions at area Kmart or Sears stores.”
Customers can use the store locator function on our web sites to find the location of their nearest Kmart and Sears stores. Liquidation sales will begin as early as January 6 at all closing stores.