Sears at Glenbrook Square among the latest 46 targeted for closure
The Sears store in Glenbrook Square is among 46 locations slated for closure in November by the once-powerful retailer that saw the value of its stock tumble to an all-time low this month. The move affects 33 Sears stores and 13 Kmart locations.
In a statement, the company said it continues “to evaluate our network of stores, which is a critical component to our integrated retail transformation, and will make further adjustments as needed.” Liquidation sales at Glenbrook and the other 45 st ores could begin as soon as next week, the company said, noting that eligible workers will receive severance and the opportunity to apply for jobs at other nearby stores.
The Glenbrook store was the only Indiana location included in the closing list announced this week, but “non-profitable” stores in Lafayette, Indianapolis and Muncie were included in a list of 63 stores targeted for closure that was released in June. Sears operated 894 stores in total as of May 5.
Sears is also considering the sale of its Kenmore appliance brand for $400 million and had previously sold its Craftsman tool brand. The company is also testing such concepts as standalone mattress stores and combined Sears and Kmart locations. Sears shares have fallen more than 85 percent over the past 12 months and hit an all-time intraday low of $1.15 earlier this week.
For Glenbrook, the closure of Sears represents the loss of a second “big box” anchor in a matter of months. Carson’s announced plans to close in April.