Sears Roebuck, the nationwide department store retailer that Kmart would later acquire to form Sears Holdings Corporation, once studied census data to decide where to build new stores. Now the company is looking at its own balance sheets and shuttering stores, shuttering another 103 in the coming months.
This time, the retailer is closing 64 Kmart stores and 39 Sears stores, including some Sears Auto locations. As Hayley Peterson at Business Insider points out, this finally brings the company’s store total below 1,000 Kmart and Sears stores combined. The company has closed thousands of locations since its death spiral worsened in 2012.
— Hayley Peterson (@hcpeterson) January 4, 2018
Some of the stores slated for closure include locations that have been sold to Seritage Growth Properties, a real estate investment trust. Based on recent reports, Seritage will be able to get at least four times the rent per square foot by chopping up what used to be massive Sears stores and leasing them to multiple smaller tenants.