[PRpond]
Sears closing 150 stores, selling Craftsman in attempt to survive. Sears Holdings last Friday announced it will closed 142 store and has increased its cost savings target from $1 billion to $1.25 billion.
The company plans to close 92 underperforming pharmacy operations in certain Kmart stores and 50 Sears Auto Center locations.
It completed its earlier announced closures of 150 non-profitable stores, comprised of 108 Kmart and 42 Sears locations.
This year the company has also divested its Craftsman brand and laid off hundreds of employees to improve its cost savings amidst continued dropping sales.
Sears Holdings said the decision to close the stores is a difficult but necessary step as the company works to restore profitability. Affected employees will receive severance pay.
To raise cash, Sears also announced plans to sell its Craftsman business to Stanley Black & Decker.
Closing in California:
Kmart 3600 Wilson Road, Bakersfield CA
Kmart 25 West Polk Street, Coalinga CA
Kmart 333 Sierra Street, Kingsburg CA
Kmart 3001 Iowa Avenue, Riverside CA
