More Sears and Kmart Stores Closing in New Jersey
The apparent slow demise of the once dominate retailer continues as Sears Holdings, owners of Kmart and Sears stores, has announced more stores will be closing across the country, including four in New Jersey.
Sears has announced 63 more stores will be closing in the near future -- that's in addition to the 166 stores that have already closed in 2018. CNBC reports the company will end 2018 with less than 1,000 stores across the country. In comparison, there are 3,550 Walmart supercenters in the United States.
Business Insider.com reports Sears' revenue has fallen more than 30% to $2.9 billion from $4.2 billion in the most recent quarter. Same-store sales during the period dropped 13.4% at Sears and 9.5% at Kmart.
In a statement, Sears Holdings said, "as part of our ongoing efforts to streamline the Company's operations and focus on our best stores, we have identified approximately 100 non‐profitable stores, many of which will begin store closing sales in the near future."
The stores in the Garden State that are closing include a Kmart in Clifton and Sears stores at the Quaker Bridge Mall in Lawrenceville, on Route 66 in Ocean, and on Mount Holly Road in Burlington.
The news is much better locally -- the Sears and Kmart stores in South Jersey will all live to fight another day. Sears stores at the Hamilton and Deptford Malls are remaining open, as is the Kmart in Somers Point.