Can retail be rescued? Why so many U.S. stores are closing
Monday’s expected, yet still astonishing, bankruptcy of the parent company for iconic retailer Sears will cost Kansas City two of its Kmart locations by the end of the year.
Sears Holdings Corp., which owns Sears and Kmart, will close 142 stores nationwide. In Kansas City, that includes the following Kmart locations:
- 7836 State Ave. in Kansas City, Kan.
- 7100 NW Prairie View Road in the Northland.
Another Kmart location in St. Joseph will also close, according to Sears Holding Corp.’s bankruptcy filing in New York.
A Sears store in Independence was not included among the 142 closures.
Sears Holding Corp. said it is closing unprofitable stores to lower the company’s costs and increase cash flow. It plans to begin liquidation sales at each of the 142 stores shortly. The company previously announced it was closing 46 unprofitable stores.
Sears, once a pioneering retailer that made its mark in the pre-Internet era with its enormous mail order catalogs that let customers have appliances, clothing and just about anything else delivered to their homes, has failed to keep up with innovations in the retail industry.
By declaring Chapter 11 bankruptcy, Sears Holding Corp. was able to obtain $300 million in financing to keep the company running through the holidays.