LAKE COUNTY — The future of Lake County Sears Hometown stores remains positive while the Lakeport Kmart store”s is uncertain following Tuesday”s announcement of store closures.
Sears Holdings Corporation, which owns the Kmart and Sears brands and is the fourth-largest retailer in the nation, said it would close 100 to 120 Sears and Kmart locations. Sales figures released Tuesday show dismal results, with lackluster holiday sales figures bearing the blame. Kmart quarterly and yearly figures are down 4.4 percent and 1.8 percent, respectively. Sears sales figures are off further, with quarterly and yearly figures down 6 percent and 3.3 percent. The closing of 100 to 120 stores would save the company $140 to $170 million, with further revenue to be generated from selling or subleasing the empty store buildings. In addition, Sears Holdings also plans to reduce inventory by $300 million in 2012 as well as reduce its fixed costs by $100 to $200 million.
Sears Hometown stores in Clearlake and Lakeport won”t be affected by the closings though, according to Cheri Lyons, owner and operator of the Clearlake store.
“It”s not affecting the smaller stores like ours,” Lyons said. “We”re not corporate-owned stores. Only corporate-owned stores are affected.”
A manager at Lakeport Kmart declined to comment on the matter, directing Lake County Publishing staff to corporate offices.
The release from Sears Holdings stated a list of the stores to close is still being determined. Once the final determination has been made, the list will be posted on www.searsmedia.com.
The Record-Bee will follow this story and update as soon as information becomes available.
Kevin N. Hume can be reached at kevin.n.hume@gmail.com or call directly 263-5636 ext. 14.
