Business

Sears Disputes Report of 116 Store Closures, 6,100 Layoffs

In this Monday, May 14, 2012, file photo, shoppers walk into Sears in Peabody, Mass. Sears reports quarterly earnings on Thursday, May 22, 2014. (AP Photo/Elise Amendola, File)
 (AP Photo/Elise Amendola, File)

Gary Strauss, USA TODAY
HOFFMAN ESTATES, Ill. (USA Today)—Cash-strapped Sears Holdings rose 4.5% to $35.95 Thursday following a report that it plans to close 116 Sears and Kmart stores and lay off nearly 6,100 employees, many ahead of the Christmas shopping season.

Seeking Alpha, a financial news and market tracker, cited liquidation sale notices sent out last month that will lead to the closure of 55 Kmart stores, 30 Sears department stores and 31 Sears Auto Centers.

Many of the stores are in Pennsylvania, Michigan and Indiana, according to Seeking Alpha, but closures are also set for stores in Alabama, California, Florida, Illinois, Iowa, Kansas, Kentucky, Maryland, Maine, Minnesota, Missouri, Montana, New Jersey, New Mexico, New York, Ohio, Vermont, West Virginia and Wisconsin.

Sears shares surged 23% after the company announced Monday that it planned to raise $625 million in a debt rights offering to raise cash and lease seven Sears store locations to European retailer Primark. Under CEO Edward Lampert, who’s also the company’s largest shareholder, Sears has lost nearly $1 billion this year.

 

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