Written by The Business Journal Staff
Kmart stores in Dinuba and Tulare will close this summer as part of the beleagured retailer’s plan to return to profitability.
Parent company Sears Holdings plans to close 68 Kmart and 10 Sears stores across the U.S. In addition to the South Valley Kmart stores on the closure list (2270 E. El Monte Way in Dinuba and 1475 Hillman St. in Tulare), Kmart stores in Lodi and Wasco will also close.
Liquidation sales begin May 12, with a projected shutdown date in late July. Eligible store associates will receive severance and the opportunity to apply for open positions at area Kmart or Sears stores.
“We are committed to treating these associates with respect and compassion during this process,” said Edward S. Lampert, chairman and CEO of Illinois-based Sears Holdings, in a statement.
The store closure list was determined through an evaulation of the company’s store portfolio, taking into account historical and recent store performance and the timing of lease expirations, according to Sears Holdings.
The company recorded a net loss of $7.1 billion in the last four fiscal years.