Fears expressed by Kmart employees this summer that its new inventory management program of moving all merchandise out of the stock rooms and onto the sales floor meant parent Sears Holdings (SHLD) was preparing for a liquidation seem to be coming true.
Although Kmart's president dismissed the concerns, saying the retailer was merely preparing for a "WOW experience" for customers, Sears is now reportedly closing 64 Kmart stores within the next year, including 17 owned by real estate investment trust Seritage Growth Properties (SRG). The closures will be in addition to the 68 Kmart stores Sears announced it was closing in April when it also said it would be shutting 10 Sears locations. Coupled with the report chairman and CEO Eddie Lampert had to make yet another short-term loan to keep the company afloat and it's clear Sears end is coming into view.
The end is nigh