Kmart in High Point to close later this year
HIGH POINT, N.C. — The Kmart store on South Main Street will close in September, Sears Holdings officials confirmed on Thursday.
Kmart store #7278 is set to close on September 14, according to a notice given to employees.
Officials said the store has 71 employees. The company said the employees that are eligible will receive severance and have the opportunity to apply for open positions at area Sears or Kmart stores. Most are part time/hourly.
The store’s liquidation sale is set for June 29.
“Store closures are part of a series of actions we’re taking to reduce on-going expenses, adjust our asset base, and accelerate the transformation of our business model,” said Howard Riefs, director of Corporate Communications for Sears Holdings.
“These actions will better enable us to focus our investments on serving our customers and members through integrated retail – at the store, online and in the home.”
Last month, an analyst at the Cowan Group told CNN that he expects Sears Holdings to close about 500 of its 1,980 U.S. stores within the next few years. The commented followed the release of Sears Holdings’ first quarter results, in which the company reported a 2.2 percent decrease in sales at Kmart stores compared to 2013.
“The decline at Kmart primarily was driven by declines in consumer electronics and grocery and household categories. Excluding these two categories, comparable store sales would have declined 0.4 percent,” Sears said in quarterly report released in May.
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