Fitchburg Kmart one of dozens closing in the U.S.
Courtesy/Creative Commons/Mike Kalasnik
A Kmart store in Boone, N.C. Sears announced it will close 35 Kmart stores by October.
Several Kmart locations nationwide, including the store in Fitchburg, will close by early October, the company announced Friday.
The closures are part of a restructuring effort from Sears Holdings Corp., Kmart’s parent company, which said it will close 35 unprofitable Kmarts and eight Sears stores over the next few months.
The Fitchburg Kmart is at 140 Whalon St. Elsewhere in Massachusetts, Kmart is closing the Springfield store is at 1277 Liberty St.
The company is consolidating in order to return to profitability as it shifts its business model to accommodate a more digitally focused consumer base, according to a blog post from CEO Eddie Lampert. Sears is working to save $1.25 billion annually in costs, and said it recently amended its second lien credit facility to expand its borrowing capacity by $500 million.
More closures are highly likely, said Lampert. The company will open smaller, more specialized stores and continue to track the performance of its larger, less competitive locations.
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