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Local News

Hastings K Mart not on closing list, Grand Rapids Sears store to close

Sears Holdings announced Jan. 5 they will close 108 K-Mart stores and 42 Sears stores to “increase its financial flexibility and improve long-term operating performance.“

The Hastings K-Mart is not on the list of 10 stores in Michigan slated to close. The list of Sears stores to close includes one Michigan store; the Sears at 3099 28th Street in Grand Rapids.

Liquidation sales are expected shortly with the store closing by the end of March.

 

This is the latest round of store closings, following December cuts of non-profitable stores. In other moves, Sears Holding will sell the Craftsman business for $775 million, and generate up to $1 billion in liquidity through a $500 million real estate-backed loan and a previously announced letter of credit of up to $500 million.

 

"We are taking strong, decisive actions today to stabilize the company and improve our financial flexibility in what remains a challenging retail environment," said Edward S. Lampert, chairman & CEO of Sears Holdings. "We are committed to improving short-term operating performance in order to achieve our long-term transformation."

 

Calling the decision to close stores “difficult but necessary,” Lampert said many of the stores, “have struggled with their financial performance for years and we have kept them open to maintain local jobs and in the hope that they would turn around….but in order to meet our objective of returning to profitability, we have to make tough decisions and will continue to do so, which will give our better performing stores a chance at success."

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