Employees of a local Kmart were notified that their store would be closing its doors.
According to a report by Sauk Valley, employees were told on Thursday, October 10, 2013 that the Kmart in Sterling, Illinois will be closing in January 2014, with plans to start a liquidation sale on October 27.
According to the report, Sears Director of Communications, Howard Riefs said that the closure is part of a string of actions being taken to reduce expenses.
Kmart’s parent company, Sears Holdings Corporation, announced in early October that Kmart Corp. and Sears Roebuck Acceptance Corp. took out a $1 billion Incremental Term Loan. In a statement, it was said that the loan would be “used to reduce borrowings” under an existing credit agreement.
As are other Kmart stores reportedly closing around the country, a Cedar Rapids, Iowa Kmart is scheduled to close in December, according to KCRG.
Sterling’s store has nearly 60 employees, reported Sauk Valley.
“They have the opportunity to apply for positions at other Kmart and Sears stores,” said Riefs, Sauk Valley reported.
According to the report, the only noticeable change the store was displaying was an indication that they would no longer accept layaway.
