Sears to close stores, lay off about 5,500 employees

By

Struggling retailer Sears Holdings Corp (SHLD.O) will lay off at least 5,457 employees and close over 100 stores, many before Christmas, according to a Seeking Alpha report citing liquidation notices and employees.

Sears shares rose 4.6 percent to $36 in premarket trading.

At least 46 Kmart stores, 30 Sears department stores and 31 Sears Auto Centers are scheduled to close before the end of January, said the report.

Sears officials were not immediately available for comment.

The company, which is struggling to reduce costs as its sales dwindle, closed 75 Kmart stores and 21 Sears stores in the first half of 2014.

It said last week that it would lease out seven stores, including the one at Pennsylvania's King of Prussia Mall, to discount fashion chain Primark for an undisclosed amount.

Sears had 1,077 Kmart stores and 793 Sears stores in the United States as of Aug. 2. The company had 226,000 U.S. employees as of Feb. 1.

Join the Discussion
More News
Trump-Appointed Judge Orders Return Of Another Migrant Deported To El Salvador Claiming It Violates a Settlement

Detroit Uber Eats Driver Sent to El Salvador After Making a Wrong Turn While Delivering McDonald's

Joeylin

Teen Dead After Falling Through the Ceiling of After-School Facility While Exploring the Attic Unsupervised

Charles Read

Paralyzed Man Arrested Despite Ex-Girlfriend Saying He Fled Alleged Attack on Foot, Kicked in Her Door

Meteorologist Extortion_04242025_1

Virginia Weatherman Threatened to Release Sex Tape Recorded Without Victim's Knowledge: Police