Military Circle Sears on list of closures

Military Circle Sears on list of closures

Military Circle Sears on list of closures

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WVEC.com

Posted on December 29, 2011 at 4:54 PM

Updated Thursday, Dec 29 at 8:54 PM

Sears

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NORFOLK -- The Sears store at 880 N. Military Highway in Norfolk is among those on a list of more than 100 Sears and Kmart stores that will be closing.

That location is in the Military Circle mall.  There is no word yet on when it will close.

Two Richmond area Kmarts are also on the list.  So far, no Kmart stores in Hampton Roads have been placed on the list.

On Thursday, Sears published that list of 79 stores across the country that will close.  About 20-40 more are expected.

The stores are being shut down after terrible holiday sales during the most crucial time of the year for retailers.

Sears Holdings Corp., based in Hoffman Estates, Ill., says the store closings will generate $140 to $170 million in cash in inventory sales. The retailer anticipates additional proceeds from the sale or sublease of real estate holdings.

The retailer says that same-store revenue fell 5.2 percent to date for the quarter at both Sears and Kmart. Kmart's declining sales were blamed on diminished layaways and a drop in clothing and consumer electronics sales. Sears' cited lackluster consumer electronics and home appliance sales.

Sears has more than 4,000 stores in the U.S. and Canada.

In a press release previously posted on the website, officials said "we will carefully evaluate store performance going forward and act opportunistically to recognize value from poor performing stores as circumstances allow."

There is also no word yet on what will happen to the employees in the stores that will be closing.

(The Associated Press contributed to this report)

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