The Real Deal Miami

Sears to close 46 more stores nationwide

The one-time retail giant keeps shrinking
August 23, 2018 01:35PM

A Sears store in Meriden, Connecticut (Credit: Mike Mozart via Flickr)

The bleeding hasn’t stopped at Sears Holdings Corporation.

The once-ubiquitous big-box retailer said it will close another 46 Sears and Kmart stores around the country in November, according to CNBC. The locations include those in Los Angeles, in Miami, and in Long Island, New York. The company has seen a decline in sales each quarter since 2011.

Sears has steadily shed properties in recent years, but the pace quickened in 2017, when it closed at least 175 stores. So far this year, Sears has closed or found unprofitable around 200 Kmart and Sears stores. As of May, Sears was operating around 900 stores, according to CNBC.

The closures include a Kmart near La Brea in Los Angeles at 6310 West 3rd Street; and in Long Island, a Kmart at 605 Old Country Road in Riverhead and a Sears at 578 Aviation Road in Glen Falls. In Miami, a Sears at 1625 107th Avenue will also shutter.

Liquidation sales will begin next week.

In 2015, Sears Holding Corporation spun off its real estate portfolio into Seritage Growth Properties, a real estate investment trust, with the goal of shedding, releasing or redeveloping those 253 properties. Of those, 230 were or still are leased to Sears Holding, for Sears and Kmart stores.

Notable Seritage redevelopments include a creative office conversion of a mid-century store in Santa Monica, California. [CNBC] —Dennis Lynch