Hundreds of Sears and Kmart stores have closed over the last several years, and that number will continue to grow to close out 2018.
Sears Holdings — which owns both stores — announced the closure of 46 more stores (5% of what’s left) in November, and each one will have liquidation sales.
Here’s what you need to know about the latest closures:
Sears and Kmart are basically half of what they used to be.
Since the beginning of 2017, Sears Holdings — which owns both Sears and Kmart — has pared itself down to just 645 stores, with three different announcements of closures just this year.
That’s a 49.5% cut! And speaking of big reductions. . .
Going-out-of-business sales begin Aug. 30 — but watch out for price hikes.
I know, that doesn’t make sense, right? But liquidators often mark UP inventory to the manufacturer’s suggested retail price at first, and then discount from there.
For example, at a Sears in Minnesota, the price of a Craftsman riding mower jumped from $1,499 to $1,889 when the liquidation “sale” began.
Wait it out — prices will drop.
When Toys”R”Us liquidated earlier this year, discounts were disappointing at first — 5-10% in most cases. But in the last couple weeks before the June 24 closing date, discounts jumped up to 70%.
Hang on until late October/early November.
Bankruptcy might be next for Sears.
Sears Holdings has been doing a lot to try to make a profit again.
They’ve shuttered hundreds of stores, experimented with putting Kmarts inside of Sears stores, and opened smaller stores for appliances and mattresses.
But it hasn’t stopped the bleeding. Stocks just hit an all-time low.
Sears admitted that its shrinking sales is largely due to having closed their stores. Is bankruptcy next? Experts think so.
Kenmore might get a new owner, though: the Sears CEO.
Someone already bought Craftsman tools from Sears, so that’ll live on.
13 Kmart, 33 Sears stores will close in 28 states.
More than 200 stores closed in the first half of 2018, and like those stores, these additional 46 stores are said to be losing money for the company.
Check out the full list to see if a store is closing near you.
They’ll shutter their doors at some point in November — likely before Black Friday.