NEW YORK – Struggling department store chain Sears said Friday that the Kmart in Coeur d’Alene is one of 43 stores that will close by October.
Sears Holdings Corp. CEO Eddie Lampert said in a blog post Friday that the company would close eight Sears and 35 Kmart stores that are unprofitable. Hundreds of store closings have already been announced this year by the retailer.
Sears had said in March that there was “substantial doubt” it could continue after years of bleeding money, though it has insisted that its actions to regroup should help reduce that risk. With more people shopping online, mall foot traffic has dropped.
Lampert noted Friday that Sears has opened smaller stores to attract customers and is on track to cut $1.25 billion in yearly costs.
There were 624 Kmart stores and 651 Sears stores as of the end of April.
In Spokane and Spokane Valley, the two Sears and sole Kmart stores have been a staple of retail shopping for decades. But similar to national trends, all three seem to have dwindling patrons going through their doors in recent years.
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