Local Sears, Kmart Stores Safe from Announced Closings

According to a release, the  was not on the list of 79 stores marked for closure by Sears Holdings Corporation this week.

The list is attached to this story as a PDF document.

Two Pennsylvania Sears Full-Line stores were on the hit list – one at 150 S 69th St., Upper Darby, and another at 351 W Schuylkill Rd., Pottstown.

Sears officials announced the closures following poor holiday sales and earnings reports.

"Given our performance and the difficult economic environment, especially for big-ticket items, we intend to implement a series of actions to reduce on-going expenses, adjust our asset base, and accelerate the transformation of our business model,” said CEO Lou D'Ambrosio. “These actions will better enable us to focus our investments on serving our customers and members through integrated retail - at the store, online and in the home."

But the local stores may not be completely safe. A release stated that the company plans to close 100 to 120 Kmart and Sears Full-line stores.

“We expect these store closures to generate $140 to $170 million of cash as the net inventory in these stores is sold and we expect to generate additional cash proceeds from the sale or sublease of the related real estate,” the release stated.

Click here for a related story courtesy of PhillyBurbs.com.