Sears to close in Oakland Mall
Sears will close its store at the Oakland Mall in late September, the latest in a long string of closings by the troubled retailer. The Sears auto center at the Troy mall will remain open.
The Sears in the Troy mall isthe fifth Michigan store that parent company Sears Holdings Corp. has set to be shuttered this summer. The company also announced Monday the closure of eight other Sears locations and one Kmart store in the United States in late September.
Liquidation sales at the stores will begin as early as July 13.
In May, Sears reported a net loss of $424 million compared to a $245 million net income for its fiscal first-quarter earnings. The company said then it had identified 100 "nonprofitable" stores and was planning to close 72 of them in the coming months. Since then, Sears has announced 78 store closures. It already has shuttered 108 stores in 2018 on top of the 426 closed in 2017.
In a statement, Sears Holdings said the closures are "part of our ongoing efforts to streamline the company's operations and focus on our best stores."
The company said it notified its employees of the closure on Thursday. Sears did not disclose the number of associates at the Troy location. They will receive severance and be able to apply to positions at nearby Kmart and Sears stores, the company said.
On May 31, the company said it was closing Sears locations at Fairlane Town Center in Dearborn, at Lakeside Mall at Sterling Heights, in Traverse City on Airport Road and in Flint on Linden Road. Those stories will close in early September.
After the September closures, according to its website, metro Detroit will have five Sears stores, four Sears auto centers, four Sears Hometown stores, four Kmart stores and three Sears appliance outlet stores.