Ann Arbor Kmart store added to list of closures
Embattled Sears Holdings Corp. has added an Ann Arbor Kmart to its list of stores that will close by the end of the year, bringing the total number of store closures up to six Kmarts, and two Sears and Sears Auto Centers throughout the state, according to a report.
A total of 791 employees will be affected.
Sears Holdings Corp., which runs Sears, Sears Auto Center and Kmart stores across the country, will shutter 107 locations and layi off 5,457 workers across the country, many before the holiday season, according to a report issued Thursday by Seeking Alpha.
The report includes Kmart stores in Rochester, Madison Heights, Port Huron, Burton and Flint, which were already announced, as well as the newly added Kmart in Ann Arbor's Maple Village. Other stores closing include the previously announced Sears and Sears Auto Centers in Waterford at Summit Place Mall and in Bay City at the Bay City Mall, the report said.
Most of the associates losing jobs are part-time or hourly.
Sears' third quarter ends Nov. 2. In August, Sears said its second-quarter loss widened as it continues to deal with weak sales. The retailer lost $573 million, or $5.39 per share, for the period ended Aug. 2.
Earlier this week, the retailer announced it was planning a rights offering that would seek to raise up to $625 million in cash.
The Associated Press contributed