Economy

Goodbye, Sears; Fairbanks-area department store to close early next year

Goodbye, Sears; Fairbanks-area department store to close early next year

Sears and Kmart announced another 40 store closings Thursday, telling employees the locations would shut down in February.

Sears Holdings already planned to close 142 other stores it called unprofitable by the time 2018 ends.

At its peak, the operator of Sears and Kmart had 4,000 stores in 2012 but will now be left with a little more than 500.

The stores are expected to begin clearance sales late next week. Chicago's last Sears location closed in July and its only remaining Kmart store is on the list of new closures.

More news: CC Sabathia, Yankees Agree On 1-Year Contract

Sears Holdings, the parent company of Sears and Kmart, filed for bankruptcy October 15 and is trying to find funding to keep operating long enough to find a buyer and avoid liquidation.

Fewer than 90,000 people still worked for Sears Holdings earlier this year, down from 350,000 in decades past.

Sears Holdings reportedly is closing 40 more stores early next year as the one-time retail king struggles to stay alive amid Chapter 11 bankruptcy.


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