Major Retail Store Announces Closure of 103 Locations

January 04, 2018Jan 04, 2018

It is a unique time to be a consumer in America. More and more people are using online sources to find and purchase products. It can even be easier than going to the store once you factor in the simplicity of having things shipped to your house.

While these changes in the consumer world have been good for customers, many big box stores have been hit hard by the effect of online purchases. Now, a major retailer is announcing they are closing over 100 locations.

"Sears Holdings (SHLD), which owns both Sears and Kmart, made the announcement Thursday, building on months of similar closings aimed at getting the company on solid financial footing. Closeout sales at the affected locations will begin next week, the company said in a press release, and all 103 locations will be shuttered by May," according to CNN.

The company also announced they are issuing severance packages to employees. They are also encouraging employees to apply for other jobs within the company. At this time, they have not released the exact number of employees who will be affected.

"In 2006, the company operated more than 3,000 locations in the U.S. and a few hundred in Canada. But with the rise of e-commerce, Sears and other traditional brick-and-mortar retailers have struggled to keep pace with digital darlings like Amazon (AMZN)," according to CNN.

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