ROCK ISLAND, Illinois — Sears Holdings announced Thursday, April 21, that the company will close 68 Kmart and 10 Sears stores this summer.
Affected stores in our area include the Kmarts in Galesburg at 1150 W. Carl Sandburg Drive and Rock Island at 3840 46th Ave.
All of the Sears stores and nearly all of the Kmart stores will close in late July, only a few Kmart stores will remain open until mid-September. The closing Kmart and Sears stores will start their liquidation process on May 12 and April 29.
The closings are expected to generate "a meaningful level of cash from the liquidation of store inventory and from the sale or sublease of some of the related real estate," according to the press release.
Earlier this month, Sears Holdings announced the company was in debt to the tune of $1.2 billion. The company announced it would close about 50 stores in February following declining holiday sales.