Kmart's Valencia store one of 28 to close

People walk by a Sears store in a nearly-empty Westfield Meriden shopping mall in Meriden Connecticut

The initial announcement came as part of Sears Holdings' report for its fiscal second quarter ended July 29.

The company also said it would notify employees at 28 Kmart stores that those operations would close later this year.

On the list are Kmart stores in Allentown and Willow Grove, Pa., but none in Maryland or West Virginia. Twenty-seven of the stores will close in mid-November, with the 28th store, in Florida, slated to shut its doors in mid-December.

The new store closures are on top of 180 Sears and Kmart locations that have already been shuttered this year. Liquidation sales at those stores will begin as early as August 31, the company said.

The company reported Thursday that its second-quarter loss narrowed to $251 million, or $2.34 per share.




More than 300 Sears and K-Mart locations across the USA have either closed or plan to close this year.

Same-store sales fell 11.5 percent, worse than the expected 7.1 percent decline. The stock has fallen 46 percent in the last 12 months.

That cost-cutting includes layoffs at headquarters as well as store closures, and closing stores means that there's less money coming in.

Sears, once the largest retailer in America, has closed hundreds of stores and sold off assets in an effort to improve its bottom line.

The company said Thursday that it has used about $605 million of its $1.5 billion revolving credit facility due in 2020. A year ago, the company had 709 Sears stores and 883 Kmarts. And the deal to start selling Kenmore appliances on Amazon could provide additional income as Sears also takes on the tasks of delivering and installing the Kenmore products.

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