Kmart closing in Elmwood; Sears to leave Gretna store
The Kmart store in the Elmwood Shopping Center and the Sears store in Gretna are among the locations parent company Sears Holdings announced will be closing. More than 100 more sites across the country will be going out of business, the company said Wednesday (Jan. 4).
“Many of these stores have struggled with their financial performance for years and we have kept them open to maintain local jobs and in the hopes 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,” a statement from Sears Holdings said.
The Sears Auto Center in Gretna is also closing, in addition to the department store at Oakwood Center, according to a list the company issued Wednesday. Elsewhere in Louisiana, the Kmart on Airline Highway in Gonzales is also being closed, along with the Sears store and auto center at Cortana Mall in Baton Rouge.
Eligible employees at the closing stores will receive severance and can apply for open positions at area Kmart or Sears stores, the company said.
Clearance sales at the locations will begin as soon as Friday.
Sears Holdings has announced numerous closures in recent weeks as its two main retail brands have struggled to stay competitive with brick-and-mortar and online competition. A week ago it gave notice that 30 Kmart stores and 16 Sears would be shut down.
On Wednesday, the company announced 108 Kmart stores and 38 Sears locations would close. Most of the stores being shuttered are expected to close by March. It will leave Sears with fewer than 1,500 locations, down 60 percent from its count five years ago.
The company also announced Wednesday it was borrowing $500 million from CEO Eddie Lampart, money that analysts say is needed to keep the business afloat while it sells of more stores.
Sears Holdings does not own the Kmart property it’s closing at Elmwood, which is part of the Lauricella Land Co.’s holdings. The closure of the Elwmood Kmart leaves three locations in the New Orleans area – two on Veterans Boulevard in Metairie and one in Mandeville.
Sears will keep its department store and auto center at Clearview Mall open. It also has a Sears Hometown Store site in Covington.http://www.nola.com/business/index.ssf/2017/01/kmart_closing_elmwood_store_se.html#incart_river_index