Sears Holding is closing dozens of more Sears and Kmart stores, including three in Georgia, in an effort to bring the company back to profitability, according to reports from USA Today and Business Insider.
Back in January, Sears announced closings that included six other Georgia stores. Those were:
Kmart: 3200 Macon Road, Columbus GA
Kmart: 365 Habersham Village Circle, Cornelia GA
Kmart: 1601 Highway 40 East, Kingsland GA
Kmart 33 W Montgomery Cross Road Savannah GA
Sears* Albany Mall Albany GA
Sears 5555 Whittlesey Blvd Columbus GA
The financial survival move, coming in the wake of even earlier shutdowns, also included the sale of the company's Craftsman tool brand to Stanley Black & Decker for roughly $900 million.
Just two months later, the company stunned investors with a Securities and Exchange Commission disclosure that said Sears Holdings had "substantial doubt" about its ability to continue operations unless it could increase its borrowing and tap cash from assets. The announcement sent the company's shares down 12.3%.
In May, Sears Holdings quietly added at least 30 additional locations to the shutdowns announced at the beginning of the year. The updated list at that time included 12 Sears stores and 18 Kmart locations, ranging from Carson, Calif., to Hialeah, Fla. Most have been scheduled to shut their doors in July, according to information gathered from calls to the stores, shopping malls at the locations, and confirmations in local media reports.
Moving to preserve cash and reduce debt, the parent company also announced in May that it would delay repaying much of a $500 million loan. Sears Holdings subsidiaries now have an agreement that will allow them to repay $100 million of the loan in July, the debt's initial maturity date. The remaining $400 million is not scheduled to come due until January of 2018, and the company has the option of pushing the maturity date to July of next year.