Sears announces more closings, including store in Joplin, Mo

  • Sears announces more closings, including store in Joplin, Mo

Sears announces more closings, including store in Joplin, Mo

But still, the company says it will be forced to shutter another 96 Sears and Kmart stores in 30 states by February 2020, continuing a trend that's been accelerating for months. It was not immediately clear how many jobs would be lost. The Sears store in Springfield will remain open. Existing Kmarts in Chambersburg and Elizabethtown are already in going-out-of-business sales, as part of an earlier round of closures.

The beleaguered company also has secured approximately $250 million in new capital, a lifeline as it heads into the crucial holiday season.

In addition to Wilkes-Barre Township and Berwick, the compant plans to close three other Pennsylvania Kmart stores - in Ephrata, Lebanon and Williamsport - as well as Sears stores in North Wales and Whitehall. Following the planned closures, the combined retailer will have roughly 600 locations.

Sears and Kmart have been struggling in recent weeks to keep pace with competition from Amazon, as well as other box retailers quick to adopt technology, such as Walmart.

Lampert contributed less than half the total amount of the new Sears financing, the people said.

Sears is in the midst of an attempted turnaround after filing for bankruptcy protection in October 2018 after losing billions of dollars. Lampert is chairman of the company. Since then, Transformco has faced a hard retail environment, along with other challenges, the company said in a press release Thursday. That left Sears faced with the choice of raising additional money or potentially closing even more stores, they said.